UPDATE: Cantor Fitzgerald Downgrades Given Imaging Following Announcement of Sale to COV

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In a report published Monday, Cantor Fitzgerald analyst Jeremy Feffer downgraded the rating on

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Given Imaging Ltd.

(NASDAQ: GIVN) from Buy to Hold, but raised the price target from $28.00 to $30.00.In the report, Cantor Fitzgerald noted, “We are downgrading GIVN from BUY to HOLD but raising our price target from $28 to $30 following the announcement that COV has agreed to acquire GIVN for $30/share, or $860m net of cash. While we are not surprised by this news (especially in light of recent rumors), we thought a deal was unlikely to materialize prior to an FDA decision on Colon 2 (expected in 4Q). Still, we believe that GIVN's broad GI diagnostics portfolio represents a good fit for COV's growing GI business, and we would therefore discount the possibility that a competing bid emerges (although we would not rule it out entirely).”Given Imaging Ltd. closed on Friday at $23.65.