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Fly News Breaks for March 29, 2019
WBC
Mar 29, 2019 | 07:28 EDT
Citi analyst Timothy Thein downgraded Wabco to Neutral from Buy after the company confirmed that no third party bidders stepped up despite the confirmation of merger talks with ZF in late February. The analyst does not rule out "some sweetening of the offer" from ZF, but he says this not likely or sufficient enough to warrant a Buy rating on Wabco. Thein admits that the $136.50 bid price was lower than he expected. He dropped his price target for the shares to $136.50 from $155.
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