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Fly News Breaks for April 11, 2016
DEPO
Apr 11, 2016 | 07:15 EDT
After Starboard Value obtained a 9.8% stake in Depomed and said that it would seek to oust the company's board, Cantor says it thinks the investor will have a very difficult time accomplishing its goal. The firm believes that the majority of Depomed shareholders remain loyal to the board and the CEO. Cantor is upbeat on Depomed's outlook as a standalone company, although it warns that the company's Q1 results could come in below expectations. Cantor keeps a $26 price target and Buy rating on the shares.
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