Chindata downgraded to Hold from Buy at Jefferies

Jefferies analyst Edison Lee downgraded Chindata to Hold from Buy with a price target of $8.60, down from $10.73, after the company announced Bain Capital signed a binding offer to privatize it at $8.60 per ADS, a 7.5% rise from Bain’s initial non-binding offer but 7% below China Merchant Capital’s offer. The analyst sees the deal certainty as “very high.”