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Fly News Breaks for May 7, 2019
May 7, 2019 | 06:19 EDT
Wells Fargo analyst Jamie Stockton downgraded WageWorks (WAGE) to Market Perform from Outperform while raising his price target for the shares to $50 from $45. The stock is now 1% below the $50.50 all-cash offer that HealthEquity (HQY) announced on April 30 and WageWorks indicated it was evaluating, Stockton tells investors in a research note. The analyst believes HealthEquity could be willing to go higher but also finds it possible that the company believes WageWorks' growth prospects are not compelling enough to pay a higher amount. Further, WageWorks could decide to continue to pursue a turnaround, says Stockton, who sees the shares trading down to $43 if the company walks away from the deal. The analyst prefers to move to the sidelines at this point.
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