Montrose Environmental slides on stock offering plans

Onterris

17/04/2024 19:23

** Montrose Environmental Group's  MEG.N  shares on Weds
down 10.8% at $37.43, a 3-week low, as co looks to raise equity
    ** Environmental solutions firm late Tues launched 3 mln
share offering
    ** It said intends to use net proceeds for general purposes,
to accelerate strategic growth initiatives, including
acquisitions or business expansion
    ** Offering size represents ~10% of co's shares outstanding
    ** JP Morgan, William Blair and Evercore jt lead bookrunners
for offering, slated to price after market close
    ** With move on the session, MEG shares up ~16% YTD
    ** Avg rating among 7 analysts covering MEG is "buy" and
their median PT is $49.50, implying ~32% upside to current
levels, per LSEG data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))