Oppenheimer lowered the firm’s price target on Cannae Holdings (CNNE) to $22 from $27 and keeps an Outperform rating on the shares. The transformation away from publicly traded equities could meaningfully accelerate if a sale of DNB comes to pass, the firm says. It could yield proceeds of $600M-plus, which could be used to buyback $200M of Cannae stock, delever, and acquire other private assets. Separately, management spoke favorably of Black Knight Football Club, its largest private holding, Oppenheimer adds.
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Read More on CNNE:
- Cannae Holdings price target lowered to $23 from $27 at RBC Capital
- Cannae Holdings’ Earnings Call: Balancing Growth and Challenges
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- Cannae Holdings reports Q4 EPS (73c) vs (83c) last year
- CNNE Earnings Report this Week: Is It a Buy, Ahead of Earnings?
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