Aaron’s downgraded to Hold from Buy at Jefferies

Jefferies downgraded Aaron’s to Hold from Buy with a price target of $10.10, down from $11, after the company entered into a merger agreement with IQVentures to be acquired for $10.10 per share. The firm believes the acquisition represents an opportunity for Aaron’s investors to receive a substantial premium to current price and navigate its business transformation as a private company without the need to manage short-term profit performance.