UPDATE: Sterne Agee Downgrades P.F. Chang's China Bistro

According to a research report published this morning, Sterne Agee has downgraded P.F. Chang's China Bistro

from Buy to Neutral. In the report, Sterne Agee said, "The deal with Centerbridge Partners (est. total assets of $20 billion) is valued at $1.1 billion or $51.50/share, a premium of approximately 30% over the average closing share price of PFCB for the 30 days ended April 30, 2012. The transaction is expected to close no later than the end of 3Q12. Alternative offers may be extended for evaluation through May 31, 2012." P.F. Chang's closed yesterday at $51.48.