UPDATE: Citigroup Raises PT to $2.75 on Artio Global Investors on Cash Deal
Citigroup maintained Artio Global Investors (NYSE: ART) with a Neutral rating and raised the price target from $2.00 to $2.75.
Citigroup commented, "Maintain Neutral/High Risk — [b]ut lift target to $2.75, or consistent with the all cash price expected to be paid by UK-based ADN (see also 4Q12 A Slight Beat On Comp But Enters Deal To Sell To Aberdeen). GAM + key insiders voted for the deal, or 45% of shares. We would not expect another deal to crop up given ART's uneven competitive position. Management highlighted ADN's strong investment culture and financial strength as key deal considerations, with potential to cross-sell ART's FI platform globally."
Artio Global Investors closed at $2.72 on Wednesday.
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