Stifel Downgrades Dayforce (DAY) to Hold

Stifel analyst Brad Reback downgraded Dayforce (NYSE: DAY) from Buy to Hold with a price target of $70.00 (from $72.00).

The analyst comments: "Following Dayforce’s proxy filing, we are downgrading shares to Hold from Buy and lowering our price target to $70, in line with the all-cash takeout offer from Thoma Bravo. The filing detailed a lengthy negotiation process in which Thoma Bravo initially floated lower prices ($65–68) and even attempted to retrade to $67.50 following the Bloomberg leak, but the Board held firm at $70. We see limited upside from current levels as $70 reflects the "highest and best price that Thoma Bravo was willing to pay," with the Board concluding that pushing further risked losing the deal or triggering a price cut."

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

Shares of Dayforce closed at $68.95 yesterday.

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