UPDATE: Canaccord Lowers PT to $7.35 and Changes Rating to Tender on Magma Design Automation

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A report from Canaccord lowers its price target from $8 to $7.35 and changes its rating from Buy to Tender on Magma Design Automation
LAVA
. The report states, “We are transitioning our rating to TENDER from Buy on shares of Magma Design Automation following the announcement today after the close of an acquisition agreement with Synopsys. Investment highlights LAVA has entered into a definitive agreement with Synopsys to be acquired for approximately $7.35 per Magma share in cash, for a transaction value of $507 million net of cash and debt. The transaction is subject to approval by Magma Design Automation's shareholders as well as standard regulatory approval.” LAVA closed yesterday at $5.72.
Posted In: Analyst ColorNewsReiterationM&AAnalyst RatingsCanaccord
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