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Fly News Breaks for February 20, 2017
DEPO
Feb 20, 2017 | 20:39 EDT
Mizuho analyst Irina Koffler downgraded Depomed to Neutral and lowered its price target to $17 from $24 saying her conviction in a takeout has diminished. The analyst said the timeline for the previously expected deal close has been pushed too far for comfort and now sees a 50% probability of a takeout at $23/share, from $25/share, versus 90% probability perviously. Koffler said without this deal there is also potential for management turnover due to activist involvement that could lead to a decline in shares.
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