Morgan Joseph Downgrades Clarient (CLRT) to Hold on Acquisition Announcement
CLRT Hot Sheet
Rating Summary:0 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Morgan Joseph downgrades Clarient, Inc. (Nasdaq: CLRT) from Buy to Hold.
Morgan analyst says, "Clarient announced that it has entered into a definitive agreement to be acquired by GE Healthcare (NYSE: GE) in a tender offer for $5.00 per common share and $20.00 per preferred share, in each case payable in cash, which is a 33% premium to Clarient's October 22 closing price."
"We value the transaction at 3.6x 2011E revenue, which we believe is about right for a company with 22% revenue growth. For comparison, LabCorp recently agreed to purchase Clarient competitor Genzyme Genetics for $925 million in cash, for a trailing revenue multiple of about 2.5x on 2009 revenue of $371 million."
To see all the upgrades/downgrades on shares of CLRT, visit our Analyst Ratings page.
Shares are currently at $4.98.
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Morgan analyst says, "Clarient announced that it has entered into a definitive agreement to be acquired by GE Healthcare (NYSE: GE) in a tender offer for $5.00 per common share and $20.00 per preferred share, in each case payable in cash, which is a 33% premium to Clarient's October 22 closing price."
"We value the transaction at 3.6x 2011E revenue, which we believe is about right for a company with 22% revenue growth. For comparison, LabCorp recently agreed to purchase Clarient competitor Genzyme Genetics for $925 million in cash, for a trailing revenue multiple of about 2.5x on 2009 revenue of $371 million."
To see all the upgrades/downgrades on shares of CLRT, visit our Analyst Ratings page.
Shares are currently at $4.98.
Discover Wall Street's best ratings calls with the pros - Upgrade to Ratings Insider Elite. Free Trial!
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