UPDATE: Wedbush Upgrades Coventry Health Care to Neutral Post Aetna Bid
Wedbush upgraded its rating on Coventry Health Care (NYSE: CVH) from Underperform to Neutral and raised its price target from $35 to $42.
Wedbush noted, "We are upgrading Coventry to NEUTRAL from UNDERPERFORM and increasing our price target to $42 as we now believe the stock will be rangebound near the $42.08 take-out price until the anticipated mid-2013 closing of the acquisition by Aetna. The $42.08 per share purchase price represents a 20% return over the 8/17 closing price. Shareholders will receive $27.30 in cash and 0.39 shares of AET for each CVH share."
Coventry Health Care closed at $42.04 on Monday.
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