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UPDATE: Deutsche Bank Downgrades Alterra Capital to Hold on Acquisition

Related ALTE
Alterra Capital Announces $0.16 Dividend
UPDATE: Sterne Agee Downgrades Alterra Capital Holdings to Neutral, Reiterates $29 PT

Deutsche Bank reduced its rating on Alterra Capital (NASDAQ: ALTE) from Buy to Hold but raised its price target from $27 to $29

Deutsche Bank commented, "Alterra announced that each of its shares would be acquired by Markel in exchange for 0.04315 shares of Markel and $10 in cash. We do not expect a bidding war to ensue with another suitor aiming to buy Alterra at a higher price. Our Hold rating is based on the assumption that the stock will largely trade in parity with Markel until being acquired."

Alterra Capital closed at $28.18 on Wednesday.

Latest Ratings for ALTE

Feb 2013Keefe Bruyette & WoodsTerminates
Feb 2013Keefe Bruyette & WoodsTerminatesMarket Perform
Jan 2013Sterne AgeeDowngradesBuyNeutral

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Posted-In: Deutsche BankAnalyst Color Downgrades Intraday Update Analyst Ratings


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