Jefferies Downgrades Team Health (TMH) to Hold Amid Pending Merger

Jefferies downgraded Team Health (NYSE: TMH) from Buy to Hold with a price target of $43.50 (from $47.00), saying they see little upside from takeover price.

Analyst Brian Tanquilut commented, "We are downgrading TMH to Hold from Buy and reducing our PT to $43.50 to match Blackstone's takeout offer. With TMH's 40-day go-shop period now complete, we do not expect the company to receive a competing bid, especially given TMH's weak operating performance in Q3. We expect the acquisition to close as scheduled in Q1 given that the transaction has fully committed financing and since elections results aren't normally viewed as a "material adverse change"."

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

Shares of Team Health closed at $42.50 yesterday.

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