UPDATE: D.A. Davidson Does Not See Another Bidder Emerging for Cbeyond
Analyst Donna Jaegers downgraded the stock from Buy to Neutral and raised the price target from $8 to $10.
Jaegers believes the 41 percent premium paid by Birch was “fair,” and represents “4.7x the 2014 EV/EBITDA estimate and 4.9x the 2015 estimate.”
Jaegers does not see other buyers emerging to place a higher bid.
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