UPDATE: Stifel Nicolaus Downgrades NYSE Euronext to Hold Following Takeover Offer
Stifel Nicolaus reduced its rating on NYSE Euronext (NYSE: NYX) from Buy to Hold and removed its previous $27 price target.
Stifel Nicolaus noted, "We are downgrading shares of NYX to Hold from Buy following ICE's (Buy, $126.25) announcement to purchase the company for $33.12 in a cash and stock deal ($8.2B total consideration). … We believe the probability of a competing offer for NYX is low but not zero (less than 10%), with CME (Hold, $50.74) as the most likely party to pursue a counteroffer. Any counteroffer from CME would also likely involve a third-party that would assume control of the cash, listings, and options businesses of NYX; similar to the NDAQ/ICE hostile bid in April, 2011."
NYSE Euronext closed at $32.25 on Friday.
Latest Ratings for NYX
|Jul 2013||Keefe Bruyette & Woods||Upgrades||Market Perform||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.