UPDATE: Morgan Stanley Downgrades AMERIGROUP; Removes PT
According to a research report published Thursday, Morgan Stanley has downgraded AMERIGROUP (NYSE: AGP) from Overweight to Equal-weight and removed its $80 PT.
Morgan Stanley said in the report, "We downgrade shares of AGP from OW to EW given the announced acquisition by WLP. Our Base Case of $92 matches announced deal terms. We see low risk that regulatory hurdles impede closure, and do not expect a competing bidder to emerge."
AMERIGROUP closed Wednesday at $89.69.
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