Citi Downgrades Audible Inc (ADBL) to Hold
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Citi downgrades Audible Inc (Nasdaq: ADBL) from Buy to Hold. Price target $11.50.
Citi analyst says, "While we have long viewed Audible as an attractive standalone business, the fit with Amazon (Nasdaq: AMZN) seem natural to us. We believe access to Amazon's 76MM registered users and deep technical strength will likely materially increase Audible's visibility (and growth rate). We also believe that the transaction will not materially change the key Audible-Apple strategic relationship."
Audible, Inc. (Audible) is a provider of audio entertainment, information and educational programming on the Internet.
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