Wells Fargo Downgrades NYSE Euronext (NYX) to Market Perform Following ICE/NDAQ Bid
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Price: $41.68 -1.42%
Rating Summary:
4 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Rating Summary:
4 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Trade NYX Now!
Wells Fargo downgraded NYSE Euronext (NYSE: NYX) from Outperform to Market Perform. Valuation Range: $40-$42.
Wells analyst says, "We are lowering our rating on NYX to Market Perform from Outperform following the buyout offer from ICE (NYSE: ICE)/ Nasdaq (Nasdaq: NDAQ) which values the company at roughly $43 per share. Our new rating reflects our belief that a DB-1 counteroffer for a price above the proposal from ICE/NDAQ seems unlikely. Additionally, we believe the ICE/NDAQ offer more closely represents our assessment of the standalone value of NYX. Our EPS estimates and our valuation range of $40-42 for the company remain unchanged."
For more ratings news on NYSE Euronext click here and for the rating history of NYSE Euronext click here.
Shares of NYSE Euronext closed at $39.60 yesterday, with a 52 week range of $26.42-$39.99.
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Wells analyst says, "We are lowering our rating on NYX to Market Perform from Outperform following the buyout offer from ICE (NYSE: ICE)/ Nasdaq (Nasdaq: NDAQ) which values the company at roughly $43 per share. Our new rating reflects our belief that a DB-1 counteroffer for a price above the proposal from ICE/NDAQ seems unlikely. Additionally, we believe the ICE/NDAQ offer more closely represents our assessment of the standalone value of NYX. Our EPS estimates and our valuation range of $40-42 for the company remain unchanged."
For more ratings news on NYSE Euronext click here and for the rating history of NYSE Euronext click here.
Shares of NYSE Euronext closed at $39.60 yesterday, with a 52 week range of $26.42-$39.99.
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Wells FargoComments
wells fargo's analyst NYX
tHIS IS NOT AN UNBIASE GRADE. WELLS FARGO IS INVOLVED WITH THIS BUYOUT.
ITS A GOOD TRY TO HELP YOURSELF.
THIS SHOULDNT BE ALLOWED
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wells fargo analyst helping self
what you are thinking on Apr 4, 2011 08:52 AMMark as Spam | Reply to this comment
NASDAQ OMX and IntercontinentalExchange have been working with a syndicate of banks led by Bank of America Merrill Lynch and Wells Fargo to arrange financing for the cash portion of our Proposal not financed with available cash on hand. Our banks have reviewed our Proposal and, upon our instruction, are prepared to arrange fully committed financing sufficient to consummate the transaction.