UPDATE: Feltl and Company Downgrades Metropolitan Health Networks to Hold
Feltl and Company lowered its rating on Metropolitan Health Networks (NYSE: MDF) from Strong Buy to Hold but raised its price target to $11.25.
Feltl and Company noted, "Metropolitan Health Networks announced this morning it entered into a definitive merger agreement with Humana (HUM – not rated) to be acquired for $850 million or $11.25 per share. The companies expect this acquisition to close by the end of the first quarter in 2013. … We are increasing our price target to the acquisition price of $11.25 and lowering our rating to HOLD from STRONG BUY. Given we do not believe it is likely for any competing bids to surface we encourage investors to use MDF as a source of funds if other investments provide attractive opportunities."
Metropolitan Health Networks closed at $10.85 on Friday.
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