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Afternoon presentation to feature Chenevert of United Technologies
Published on Wednesday, Mar 05, 2008
Beacon Journal staff report
Diebold Inc. shares fell slightly on Tuesday as industry analysts updated investment recommendations following United Technologies' disclosure on Sunday that it was making a hostile $2.6 billion bid for the Green maker of ATMs and electronic voting machines.
Diebold shares dropped $1.16, or 3 percent, to $37.68. Shares are up 31.3 percent since Jan. 1, and are down 17.1 percent from a year ago. Shares on Monday rose 61 percent from Friday's close of $24.12 after United Technologies said it is willing to pay $40 a share for Diebold.
Diebold's board of directors on Monday rejected the United Technologies offer as being premature as well as too low.
Industry analysts had differing views on Diebold shares.
According to Bloomberg News, two analysts rate Diebold a ''Buy,'' four call shares a ''Hold,'' and one rates the stock as a ''Sell.''
Jefferies analyst Yvonne M. Varano downgraded her recommendations on Diebold to hold from buy, saying she did not see enough of an upside in the near future to merit buying.
Investment firm Robert W. Baird analyst Reik Read, meanwhile, upgraded Diebold to
''Outperform'' from ''Neutral,'' because he expects a higher bid from United Technologies.
Meanwhile, United Technologies Corp. President and Chief Operating Officer Louis Chenevert will speak to analysts this afternoon at the Citigroup Global Industrial Manufacturing Conference. The proposed Diebold acquisition is expected to generate questions.
Chenevert's presentation is scheduled for 3:45 p.m. and will be on a live Web cast at http://www.utc.com.
Get the full article here.
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