BofA raised the firm’s price target on Atmus Filtration (ATMU) to $29 from $26 and keeps a Buy rating on the shares after the company reported revenue and margin upside in Q4 and gave initial 2024 guidance above consensus. The firm, which is raising its 2024 adjusted EBITDA and EPS estimates, notes that Atmus’ former parent, Cummins (CMI), launched an exchange offer and contends that a fully subscribed offer would remove the overhang of parent company control and increase Atmus’ public float.
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Read More on ATMU:
- Atmus Board Reshuffle Post-Cummins Share Exchange
- Atmus Filtration sees FY24 adjusted EPS $2.10-$2.35, consensus $2.03
- Atmus Filtration reports Q4 adjusted EPS 49c, consensus 40c
- Largest borrow rate increases among liquid names
- Atmus Filtration initiated with a Market Perform at Northland
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