Wells Fargo Downgrades NYSE Euronext (NYX) to Market Perform Following ICE/NDAQ Bid

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.

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