Mizuho Securities Downgrades AAC Holdings (AAC) to Neutral
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Mizuho Securities downgraded AAC Holdings (NYSE: AAC) from Outperform to Neutral with a price target of $14.00 (from $26.00) following weak guidance.
Analyst Ann Hynes commented, "We are downgrading AAC to Neutral from Buy given this morning's guidance reduction which, at that midpoint, is a ~10% reduction in adjusted EBITDA and ~16% reduction in adjusted EPS. We no longer think this stock supports a premium valuation multiple so our new price target is 11x EV/EBITDA versus 13x previously."
Shares of AAC Holdings closed at $7.80 yesterday.
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