Target Hospitality shares are trading higher after the company said its Special Committee is in the process of reviewing and evaluating TDR's $10.80 per share proposal received on Mar. 25. Additionally, the company cut its FY24 revenue guidance but said it anticipates achieving zero net debt by the end of 2024.
Portfolio Pulse from Benzinga Newsdesk
Target Hospitality shares are trading higher after the company announced that its Special Committee is reviewing TDR's $10.80 per share proposal. Despite cutting its FY24 revenue guidance, the company expects to achieve zero net debt by the end of 2024.
June 27, 2024 | 12:50 pm
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Target Hospitality shares are trading higher due to the review of TDR's $10.80 per share proposal. The company also cut its FY24 revenue guidance but aims to achieve zero net debt by the end of 2024.
The news of the Special Committee reviewing a buyout proposal at a premium price is positive for the stock. Although the company cut its FY24 revenue guidance, the goal of achieving zero net debt by the end of 2024 is a strong positive signal for investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100