UPDATE: Cantor Fitzgerald Downgrades Given Imaging Following Announcement of Sale to COV

Loading...
Loading...
In a report published Monday, Cantor Fitzgerald analyst Jeremy Feffer downgraded the rating on
Given Imaging Ltd.GIVN
from Buy to Hold, but raised the price target from $28.00 to $30.00. In the report, Cantor Fitzgerald noted, “We are downgrading GIVN from BUY to HOLD but raising our price target from $28 to $30 following the announcement that COV has agreed to acquire GIVN for $30/share, or $860m net of cash. While we are not surprised by this news (especially in light of recent rumors), we thought a deal was unlikely to materialize prior to an FDA decision on Colon 2 (expected in 4Q). Still, we believe that GIVN's broad GI diagnostics portfolio represents a good fit for COV's growing GI business, and we would therefore discount the possibility that a competing bid emerges (although we would not rule it out entirely).” Given Imaging Ltd. closed on Friday at $23.65.
Posted In: Analyst ColorDowngradesAnalyst RatingsCantor FitzgeraldJeremy Feffer
Benzinga simplifies 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!

Loading...