Jefferies Reports TFX Sells Marine Division

Jefferies has reported on Teleflex's TFX sale of its Marine division to H.I. G. Capital. According to Jefferies, "Teleflex announces sale of Marine division to H.I.G. Capital for $121.6M total consideration. The transaction takes the company one step closer to pure- play medical status. Recent underperformance in the Medical segment and the potential for further dilutive divestitures without visibility into further offsetting strategic business development opportunities keeps us sidelined." TFX has a Hold Rating and a $63.00 Price Target. TFX closed at $57.23 yesterday.