Loading...
Loading...
Piper Jaffray lowers its rating on IntegraMed America
INMD from Overweight to Neutral and adjusts its price target from $14 to $14.05 (the offer price).
Piper Jaffray notes, "IntegraMed announced it has entered into an agreement to be acquired by the investment fund Sagard Capital Partners for $14.05/share or an equity value of $169.5 MM. The acquisition values the company at ~6.4x our FY12 estimated EV/EBITDA, while the equity value take-out offer is 7.75x FY12E EBITDA, which we believe is a fair valuation for the company. Since ~30% of the outstanding shares have agreed to this transaction (INMD's largest shareholder and Sagard Capital), we think it is unlikely there will be a competing offer."
INMD closed at $13.68 on Monday.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
We simplify the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in