Credit Suisse Downgrades Medivation (MDVN) to Neutral; Sees Little Likelihood of Competing Bid

Credit Suisse downgraded Medivation (NASDAQ: MDVN) from Outperform to Neutral with a price target of $81.50 after the company agreed to be acquired by Pfizer for $81.50 shares.

Analyst K. MacKay commented, "CS Special Situations Desk expects the deal to close with high probability, and we see little likelihood of a competitive bid following the lengthy auction process. Furthermore, we see little likelihood of anti-trust concerns given no overlap in the mechanisms of action of portfolio products. We therefore do not expect major upside / downside to MDVN's valuation and now focus on successful deal closure."

For an analyst ratings summary and ratings history on Medivation click here. For more ratings news on Medivation click here.

Shares of Medivation closed at $80.42 yesterday.

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