Noble Financial Downgrades NovaMed (NOVA) to Sell; To Be Acquired by Surgery Partners for $13.25/Share in Cash
NOVA Hot Sheet
Rating Summary:0 Buy, 1 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Noble Financial downgraded NovaMed (NASDAQ: NOVA) from Hold to Sell. PT $13.25.
Noble analyst says, "NovaMed announced that the company has entered into a definitive agreement to be acquired by an affiliate of Surgery Centers Holdings, Inc (Surgery Partners) in a transaction valued at approximately $214 million, including the assumption of about $105 million of NovaMed indebtedness...Given the fact that all potential bidders have likely had more than adequate time to review and then ultimately pass on this transaction and given that the shares are currently trading at more than 99.5% of the proposed transaction price and that the deal is not expected to close until the second quarter, we are reducing our investment rating."
For more ratings news on NovaMed click here and for the rating history of NovaMed click here.
Shares of NovaMed closed at $13.19 yesterday, with a 52 week range of $3.04-$13.31.
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Noble analyst says, "NovaMed announced that the company has entered into a definitive agreement to be acquired by an affiliate of Surgery Centers Holdings, Inc (Surgery Partners) in a transaction valued at approximately $214 million, including the assumption of about $105 million of NovaMed indebtedness...Given the fact that all potential bidders have likely had more than adequate time to review and then ultimately pass on this transaction and given that the shares are currently trading at more than 99.5% of the proposed transaction price and that the deal is not expected to close until the second quarter, we are reducing our investment rating."
For more ratings news on NovaMed click here and for the rating history of NovaMed click here.
Shares of NovaMed closed at $13.19 yesterday, with a 52 week range of $3.04-$13.31.
Discover Wall Street's best ratings calls with the pros - Upgrade to Ratings Insider Elite. Free Trial!
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