Goldman Sachs Upgrades Conversant (CNVR) to Neutral

Goldman Sachs upgraded Conversant (NASDAQ: CNVR) from Sell to Neutral with a price target of $31.00 (from $23.00).

"Alliance Data announced it will acquire Conversant for $2.3 bn, or $35 per share, a 31% premium to the 9/11 close," said anlayst Debra Schwartz. "We theorized that an acquisition in the space could trigger a wave of consolidation similar to that seen in 2007, and while CNVR was not one we actively considered, we believe this could be the catalyst."

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

Shares of Conversant closed at $34.80 yesterday.

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