PGT Innovations hits 5-year high after co rejects bid; JP Morgan raises PT

PGT Innovations

10/10/2023 16:23

** Shares of U.S.-based door and window maker PGT
Innovations Inc  PGTI.N  rise ~22% to $32, hitting a five-year
high
    ** JP Morgan raises PGTI's price target to $33 from $27.50
and reiterates stock rating at "neutral"
    ** "We establish our December 2024 price target of $33,
which is based on a target EV/EBITDA multiple of roughly 9.2x
our 2024E EBITDA," JP Morgan says 
    ** New PT represents a ~26% upside to the stock's last close
$26.20
    ** PGTI had rejected a takeover bid from Miter Brands as
co's board deemed the $33-per-share offer as inadequate; Miter
is considering raising its bid to $36 
    ** Three of four brokerages rate the stock "buy" or higher,
and one "hold"; their median PT is $35
    ** Up to Monday's close, stock up ~78%, YTD
    

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))