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Fly News Breaks for September 15, 2016
INWK
Sep 15, 2016 | 11:59 EDT
Barrington analyst Kevin Steinke attributes the 12% pullback in shares of InnerWorkings over the last six days to pressure from the exit of Sagard Capital, which previously had been its top shareholder. However, Steinke believes the departure of Dan Friedberg from Sagard led to the firm selling its position in InnerWorkings and that the exit is unrelated to fundamentals, which are strengthening. The analyst, who sees the slide as a buying opportunity, keeps an Outperform rating and $11 price target on InnerWorkings shares.
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