UPDATE: BTIG Downgrades Lender Processing Services on Achievement of Price Target

In a report published on Monday, BTIG analyst downgraded Lender Processing Services LPS from Buy to Neutral and removed the price target of $31 following achievement of that level.

In the report, BTIG stated, "LPS on May 28 announced it had agreed to be acquired by Fidelity National Financial (FNF) for $33.25 in stock and cash. Under the terms of the agreement, FNF would acquire all the outstanding stock of LPS for $33.25 per common share for a total equity value of $2.9bn. We had argued in our initiation report on Mar. 26 that LPS's attractiveness as a buyout target merited a fuller valuation and that a buyout would be feasible in spite of the company's legal issues...We emphasize that our downgrade does not reflect any view on whether the FNF-LPS deal will be consummated, but rather represents a bit of housekeeping after our thesis was borne out and our price target achieved."

Lender Processing Services closed on Friday at $31.72.