Market Overview

UPDATE: Deutsche Bank Downgrades MAP Pharmaceuticals to Hold Following Acquisition Bid

Related MAPP
UPDATE: Wedbush Downgrades MAP Pharmaceuticals to Neutral, Reiterates $25 PT on Likely Acquisition
2013: Year of the Mega Deal

Deutsche Bank downgraded MAP Pharmaceuticals (NASDAQ: MAPP) from Buy to Hold and raised the price target from $20.00 to $25.00.

Deutsche Bank noted, "We are lowering our investment rating on MAP Pharmaceuticals from Buy to Hold following Allergan's bid to acquire the company for $25 per share last week. This is a tremendous outcome for MAP and key stakeholders given the significant (60%) premium Allergan has offered. It also eliminates potential regulatory and execution risks – particularly as the transaction will likely close (expected in late Q1 or Q2) prior to the critical upcoming FDA action date (April 15) for MAP's key valuation driver Levadex, which arguably represents 90% of MAP's value. Importantly, we believe the chance of an additional bidder at a higher price than $25 per share (cash) is highly unlikely."

MAP Pharmaceuticals closed at $24.75 on Friday.

Latest Ratings for MAPP

DateFirmActionFromTo
Mar 2013WedbushDowngradesOutperformNeutral
Feb 2013Ladenburg ThalmannDowngradesBuyNeutral
Jan 2013Deutsche BankDowngradesBuyHold

View More Analyst Ratings for MAPP
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (MAPP)

Around the Web, We're Loving...

Get Benzinga's Newsletters