American Equity downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital analyst Scott Heleniak downgraded American Equity (AEL) to Sector Perform from Outperform with a price target of $55, up from $50, after the company had accepted Brookfield’s (BNRE) offer to be acquired for $55/share. The deal price looks “fair and justifiable” to American Equity shareholders and there shouldn’t be major obstacles to getting the deal done at the current price, the analyst tells investors in a research note, adding that the firm does not see other major bidders coming in to top the current offer.