Truist Securities upgraded Solstice Advanced Materials (SOLS) from Hold to Buy on Thursday. The firm identified a buying opportunity following the stock's recent decline.
Shares fell 24% since the merger with Element Solutions (ESI) was announced on July 6. The cash-and-stock deal is valued at approximately $14.5 billion.
Truist lowered its price target for Solstice to $75 from $90. Analysts expect the acquisition to strengthen the electronic materials business and boost free cash flow.
Solstice filed an amended 8-K report to correct typographical errors in the merger agreement. The company confirmed that the terms of the deal remain unchanged.