Deutsche Bank Downgrades American Farmland Company (AFCO) to Hold
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Deutsche Bank downgraded American Farmland Company (NYSE: AFCO) from Buy to Hold with a price target of $8.00 (from $9.00). The change follows its merger agreement.
Analyst Vin Chao said, "As we believe the deal is likely to close, our TP is now based on deal economics and falls to $8/sh from $9/sh to reflect the implied deal value based on the 0.7417 exchange ratio and FPI’s recent share price. With the shares near our updated TP and trading more on deal arbitrage dynamics vs fundamentals, we are downgrading AFCO to Hold from Buy."
Shares of American Farmland Company closed at $7.17 yesterday.
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