UPDATE: Deutsche Bank Downgrades AMERIGROUP Corporation to Hold Following Acquisition
Deutsche Bank reduced its rating on AMERIGROUP Corporation (NYSE: AGP) but raises its price target from $83 to $92.
Deutsche Bank noted, "We are downgrading shares of AGP to Hold from Buy following the announcement that the company has agreed to be acquired by WellPoint (WLP-Buy) for $92 per share. We are moving our rating to Hold with the stock now trading within 3% of the deal valuation. We are also raising our price target to $92 from $83, in line with the sale price. The all cash deal is expected to close by the end of 1Q13."
AMERIGROUP Corporation closed at $89.55 on Tuesday.
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