Raymond James analyst C. Gregory Peters downgraded Argo Group to Underperform from Market Perform without a price target. The downgrade reflects the limited upside remaining for the stock following the run-up related to management’s announcement that the company entered into a definitive merger agreement with Brookfield Reinsurance for $30 per share in cash, the analyst tells investors in a research note. The firm believes it is unlikely for the company to receive a competing offer considering the multiyear strategic review process.
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Published first on TheFly
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Read More on ARGO:
- Argo Group downgraded to Underperform from Market Perform at Raymond James
- Argo Group reports Q4 operating EPS ($2.69), consensus ($1.75)
- Brookfield Reinsurance to acquire Argo Group in $1.1B transaction
- Arch emerges as late-stage biddier in Argo auction, Insurance Insider reports
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