UPDATE: Piper Jaffray Downgrades Kenexa to Neutral on IBM Deal

Piper Jaffray reduced its rating on Kenexa

from Overweight to Neutral with a $46 price target. Piper Jaffray noted, "We are downgrading our rating on KNXA shares to Neutral from Overweight. As a reminder, on August 27 IBM announced it will acquire Kenexa for $46 per share, or a net price of $1.3B." Kenexa closed at $45.94 on Monday.