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Fly News Breaks for May 1, 2019
May 1, 2019 | 07:18 EDT
JMP Securities analyst David Scharf raised his price target on WageWorks (WAGE) to $60 from $43 following the $50.50 per share takeover bid made by HealthEquity (HQY), stating that the disclosure of the offer puts WageWorks "in play" as an acquisition target for both strategic and financial buyers. He believes two potential strategic buyers, HealthEquity and Ceridian (CDAY), can use their high-multiple stocks as acquisition currency and wonders if financial buyers will also enter the bidding, Scharf tells investors. He maintains an Outperform rating on WageWorks shares.
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