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UPDATE: D.A. Davidson Does Not See Another Bidder Emerging for Cbeyond

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D.A. Davidson has downgraded shares of Cbeyond (NASDAQ: CBEY) following news that Birch Communications will acquire the company for $323 million in cash or ~$10 per share.

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.

Latest Ratings for CBEY

DateFirmActionFromTo
May 2014Raymond JamesDowngradesOutperformUnderperform
Apr 2014CitigroupMaintainsNeutral
Apr 2014DA DavidsonDowngradesBuyNeutral

View More Analyst Ratings for CBEY
View the Latest Analyst Ratings

Posted-In: D.A. Davidson Donna JaegersAnalyst Color Downgrades Analyst Ratings

 

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