Credit Suisse Downgrades Medivation (MDVN) to Neutral; Sees Little Likelihood of Competing Bid
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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."
Shares of Medivation closed at $80.42 yesterday.
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