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Investing.com - Jefferies downgraded Dowlais Group PLC (LON:DWL) from Buy to Hold while raising its price target to GBP0.75 from GBP0.70 following affirmative merger votes.
The rating change comes after shareholders from both Dowlais Group and AXL approved the proposed merger in recent weeks, prompting Jefferies to adjust its outlook on the stock.
The new price target of GBP0.75 aligns with the implied offer price for the transaction, representing less than 15% total return on a 12-month view, which factored into the downgrade decision.
Jefferies maintained its financial forecasts for Dowlais Group despite the rating change, indicating no revision to the company’s fundamental outlook.
The merger transaction is expected to close in the fourth quarter of 2025, subject to remaining conditions being satisfied, according to Jefferies’ research note.
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