Aspen Technology downgraded to Hold from Buy at Loop Capital

Loop Capital analyst Mark Schappel downgraded Aspen Technology (AZPN) to Hold from Buy with a price target of $265, up from $260, citing the acquisition by Emerson Electric (EMR). Another bidder is not likely to emerge given the relatively high purchase valuation, Emerson’s former majority investment in Aspen, the analyst tells investors in a research note. Loop says Aspen is now trading on arbitrage consideration, rather than business fundamentals.