Jefferies Downgrades Solutia (SOA) to Hold

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Jefferies downgraded Solutia (NYSE: SOA) from Buy to Hold with a price target of $28.50 (up from $28).

The firm comments, "To reflect the prospect of Eastman's (EMN, $54.47, NC) acquisition of Solutia for $22 in cash and 0.12 shares, we are raising our price target $0.50 to $28.50, but lowering our rating to Hold from Buy."

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

Shares of Solutia closed at $28.01 yesterday, with a 52 week range of $11.27-$28.18.

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