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