Apollo Endosurgery downgraded to Hold from Buy at Lake Street

Lake Street analyst Frank Takkinen downgraded Apollo Endosurgery (APEN) to Hold from Buy with a price target of $10, down from $14, after Boston Scientific (BSX) announced a deal to acquire Apollo for $10 per share in cash, or about $615M in enterprise value. While he thinks the argument for a higher takeout value is "reasonable" and does not think the potential for a higher bid "should be counted out," he also thinks the purchase price is "fair and reasonable," Takkinen tells investors.