UPDATE: Bank Of America Moves CareFusion Corporation To No Rating, Removes PT On BDX Agreement

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In a report published Tuesday, Bank of America analyst Bob Hopkins moved the rating on
CareFusion CorporationCFN
from Buy to No Rating, and removed the $50.00 price target. In the report, Bank of America noted, “On Sunday night, BDX announced it had entered into a definitive agreement to acquire CFN for $12.2bn, or $58 per share, a 26% premium to Friday's close. This equates to 21.6x consensus 2015E cash EPS and 12x consensus 2015E EBITDA. CFN shareholders are being offered $49 cash & 0.0777 shares of BDX for each share of CFN owned. We are moving our rating on CFN shares to No Rating due to the acquisition agreement and given that the shares are no longer trading on fundamentals. Investors should not rely on our previous ratings or price objectives.” CareFusion Corporation closed on Monday at $56.75.
Posted In: Analyst ColorPrice TargetAnalyst RatingsBank of AmericaBob Hopkins
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