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UPDATE: Deutsche Bank Downgrades CreXus to Hold, But Raises PT

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Annaly, CreXus Report Final Results of Tender Offer, Annaly Exercised Option for Added CreXus Shares
Annaly Commences Offer to Purchase All CreXus Shares

In a report published Monday, Deutsche Bank downgraded Crexus Investment Corp. (NYSE: CXS) from Buy to Hold, but increased its price target from $12 to $12.50.

Deutsche Bank noted, "We do not expect any other bidders to emerge and expect CXS to accept Annaly's offer. As a result, we are increasing our target to $12.50 per share from $12 per share. Our new target is based on Annaly's all-cash offer. Given we expect CXS to accept NLY's offer and with shares trading within 1% of the all-cash offer, we are downgrading shares of CXS to a Hold from a Buy."

CreXus closed at $12.43 on Monday.

Posted-In: Deutsche BankAnalyst Color Downgrades Analyst Ratings


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