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In a report published Friday, Jefferies analyst Brian Fitzgerald downgraded the rating on
Conversant IncCNVR from Buy to Hold, but raised the price target from $28.00 to $35.00.
In the report, Jefferies noted, “Alliance Data reached an agreement to purchase Conversant at a value of approximately $2.3B, or roughly $35 per share, through a combination of cash and stock (48% cash, 52% stock). The transaction was unanimously approved by the BODs of both companies and is expected to close by year end. We are changing our rating from Buy to Hold following the transaction.”
Conversant Inc closed on Thursday at $26.71.
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