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Fly News Breaks for September 25, 2015
KFY
Sep 25, 2015 | 09:01 EDT
SunTrust believes that Korn/Ferry's (KFY) acquisition of Hay is more attractive than it appears, partly because the firm has "high conviction" that synergies can be achieved within two years, while the company's tax rate could decline going forward as a result of the deal, according to the firm. SunTrust also believes that the deal could make it easier for Korn/Ferry to repatriate foreign income, and it notes that 24% of Hay's revenue is subscription-based. SunTrust keeps a Buy rating on Korn/Ferry.
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