Keefe, Bruyette and Woods Upgrades Nationwide Financial Services (NFS) to Outperform
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Keefe, Bruyette and Woods upgrades Nationwide Financial Services (NYSE: NFS) to Outperform. Price target $52.25.
Keefe analyst says, "The NFS deal spread has widened considerably along with spreads of other cash deals, such as Anheuser-Busch/InBev and Genentech/Roche. We believe the NFS deal is not at risk and expect it to close at the agreed upon $52.25 price, creating a potential return of 21%, or 44% annualized, assuming a 3/31/09 close."
Nationwide Financial Services, Inc. is the holding company for Nationwide Life Insurance Company (NLIC) and other companies that comprise the domestic life insurance and retirement savings operations of the Nationwide group of companies (Nationwide).
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