In a report published on Wednesday, Citi analyst Donald Fandetti downgraded CapitalSource CSE from Buy to Neutral and raised the [roce target from $9 to $12.
In the report, Citi noted, "We are downgrading shares of CSE to Neutral (2) from Buy (1). We are raising our target price to $12 (1.7x Q2'13 stated TBV), which reflects expected consideration to CSE shareholders for the merger. As a reminder, shareholders are expected to receive $2.47 in cash and 0.2837 shares of PACW common stock, or $11.68 based off of PACW's 7/22 closing share price".
CapitalSource closed on Tuesday at $11.97.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.