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In a report published on Monday, Jefferies analyst Corey Davis downgraded Warner Chilcott (NASDAQ: WCRX) from Buy to Hold and maintained a price target of $20.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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In the report, Jefferies stated, "Our move is not tied to any fundamental change in our thesis, but rather stems from Actavis' (ACT, Hold) proposed $8.5B acquisition of WCRX announced last month. Since it is a stock-for-stock deal, WCRX shares have been trading in tandem with ACT, but in a fairly tight range close to our $20 PT. With the acquisition moving forward (ACT filed an S-4 on June 18th in connection with the proposed acquisition), and absent any higher bidders or regulatory obstacles, we are now moving to the sidelines on WCRX shares."
Warner Chilcott closed on Friday at $19.28.