Stephens analyst Trey Grooms downgraded Azek (AZEK) to Equal Weight from Overweight with a $58 price target after James Hardie (JHX) announced a deal to acquire Azek for a mixed consideration of cash and stock worth $8.75B, or $56.88 per share. James Hardie is a leading provider of fiber cement siding and trim, with highly complementary product offerings, and the firm sees this as a good fit and value for shareholders, adding that it believes a more compelling bid as unlikely.
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