Seaport Global Securities Downgrades Endeavor Group Holdings Inc (EDR) to Neutral Following Acquisition

Seaport Global Securities analyst David Joyce downgraded Endeavor Group Holdings Inc (NYSE: EDR) from Buy to Neutral.

The analyst comments "At long last, the much-anticipated privatization of EDR by majority owner Silver Lake has been announced, at $27.50 cash per share. This is below our $29 PT, but since the majority of shareholders have already approved the transaction, no further minority shareholder approvals are required, and we do not expect any further increased offer. We are downgrading to Neutral from Buy, as the go-private price is only ~6% away from current trading levels, which reflects the 9+ months of carry until the expected 1Q25 close. We expect the gap to narrow slowly, but at least there is a ~1% dividend yield as a partial offset for any investors who plan to wait around."

For an analyst ratings summary and ratings history on Endeavor Group Holdings Inc click here. For more ratings news on Endeavor Group Holdings Inc click here.

Shares of Endeavor Group Holdings Inc closed at $25.29 yesterday.

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