Raymond James analyst Wilma Burdis double downgraded American Equity Investment (AEL) to Market Perform from Strong Buy without a price target based on valuation. American Equity has fought to remain standalone for years amid unsolicited bids, and there is no guarantee that the current situation is any different, the analyst tells investors in a research note. The firm’s takeout valuation of $58 per share is based on comparable transactions, though it notes that Brookfield (BNRE) “could pay considerably more given the upside it could gain from repositioning the portfolio and increasing production.”
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Read More on AEL:
- American Equity rises 17.1%
- American Equity rises 16.7%
- American Equity rises 17.3%
- AEL Soars on Brookfield’s $55 Per Share Acquisition Offer
- Brookfield Reinsurance offers to acquire American Equity for $55.00 per share
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