UPDATE: Piper Jaffray Raises PT on Archipelago Learning to $11.10

Piper Jaffray raises its price target on Archipelago Learning ARCL from $9 to $11.10 in a research report out today. Presently, Piper Jaffray has a Neutral rating on the company. In the research report, Piper Jaffray writes, "Archipelago has agreed definitively to be acquired by PLATO Learning, a portfolio company of private equity firm Thoma Bravo, for $11.10 per share in cash. We believe the probability is high the deal closes as currently proposed in the next 3 to 6 months. Our price target moves to $11.10; our rating is Neutral." Currently, shares of Archipelago Learning are trading at $11.04, up 22.12% from Friday's close.