UPDATE: Benchmark Downgrades IRIS International to Hold; Valuation at Takeover Price

Benchmark reduced its rating on IRIS International

from Buy to Hold and raised its price target to $19.50. Benchmark said, "On September 17 IRIS International announced it has entered into a definitive agreement to be sold to Danaher Corporation (DHR: not covered) for $19.50 per share in cash. This reflects an approximate 45% premium to shares' closing price on Friday. IRIS' Board of Directors unanimously accepted this agreement. Closing is pending a tender process that will remain in effect for at least 20 days. We anticipate this transaction will be consummated at the announced price of $19.50 per share and are increasing our price target to match. With shares now fully reflecting this valuation, we are reducing our rating to Hold." IRIS International closed at $19.54 on Monday.