Credit Suisse Downgrades Medivation (MDVN) to Neutral; Sees Little Likelihood of Competing Bid

August 23, 2016 6:48 AM EDT
Get Alerts MDVN Hot Sheet
Price: $81.44 --0%

Rating Summary:
    14 Buy, 18 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 17 | New: 10
Trade MDVN Now!
Join SI Premium – FREE

Get daily under-the-radar research with's Stealth Growth Insider Get your 2-Wk Free Trial here.

Credit Suisse downgraded Medivation (NASDAQ: MDVN) from Outperform to Neutral with a price target of $81.50 after the company agreed to be acquired by Pfizer for $81.50 shares.

Analyst K. MacKay commented, "CS Special Situations Desk expects the deal to close with high probability, and we see little likelihood of a competitive bid following the lengthy auction process. Furthermore, we see little likelihood of anti-trust concerns given no overlap in the mechanisms of action of portfolio products. We therefore do not expect major upside / downside to MDVN's valuation and now focus on successful deal closure."

For an analyst ratings summary and ratings history on Medivation click here. For more ratings news on Medivation click here.

Shares of Medivation closed at $80.42 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst PT Change, Downgrades

Related Entities

Credit Suisse

Add Your Comment