Canaccord analyst Richard Close downgraded Civitas Solutions to Hold and lowered his price target to $17.75 from $19 after the company agreed to be acquired by Centerbridge Partners for $1.4B. In a research note to investors, Close says that while the company never formally announced it was exploring strategic alternatives, a Reuters article in October said the company had hired advisors to explore a potential sale. Close does not expect another suitor to step in at this time, due in part to the company's slower growth in an environment of labor and occupancy cost headwinds.