BMO Capital Downgrades Focus Financial Partners (FOCS) to Market Perform

February 3, 2023 3:01 AM EST
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Price: $51.82 -0.21%

Rating Summary:
    5 Buy, 7 Hold, 0 Sell

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Today's Overall Ratings:
    Up: 21 | Down: 10 | New: 24
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(Updated - February 3, 2023 5:31 AM EST)

BMO Capital analyst James Fotheringham downgraded Focus Financial Partners (NASDAQ: FOCS) from Outperform to Market Perform with a price target of $53.00 (from $55.00).

The analyst comments "This morning Focus announced an exclusivity agreement with PE firm Clayton, Dubilier & Rice (CD&R) regarding a potential acquisition of FOCS at $53/share (~15% premium to last night's close). We understand that FOCS has already approached/met with other potential bidders; nevertheless the CD&R bid has proceeded (with a “best and final” price of $53/share). Given this is an exclusivity agreement, we do not expect a competing bid, and believe a definitive agreement is the likely outcome. We downgrade shares to Market Perform and reduce our target to $53 (from $55)."

For an analyst ratings summary and ratings history on Focus Financial Partners click here. For more ratings news on Focus Financial Partners click here.

Shares of Focus Financial Partners closed at $50.01 yesterday.

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