Dougherty Cuts American Dental Partners (ADPI) to Sell Following $19/Share Bid from JLL

Dougherty & Co downgraded shares of American Dental Partners (NASDAQ: ADPI) from Buy to Sell Monday afternoon following earlier news the company has agreed to be acquired by JLL Partners for $19/share. The firm's price target was reduced from $21 to $19.

The firm said, "While we think it possible there may be someone willing to pay more to acquire ADPI, we would not hold our breath waiting for a higher bid. We do think it likely this transaction can close, so we advise investors to sell shares as they move closer to the $19 deal price."

Shares of American Dental are up nearly 79 percent to around $18.57 at last check.

For more ratings news on American Dental Partners click here and for the rating history of American Dental Partners click here.

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