Accolade downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst John Ransom downgraded Accolade (ACCD) to Market Perform from Outperform without a price target after the company signed a definitive agreement to be acquired by Transcarent for $7.03 per share and a $621M equity value in an all-cash transaction. The firm thinks the deal makes “rational sense” given Accolade’s trading action and “depressed valuation” before the news.