RBC Capital analyst Nik Modi downgraded Duckhorn Portfolio (NAPA) to Sector Perform from Outperform with a price target of $11.10, up from $11, following Monday’s announcement that Butterfly Equity will acquire Duckhorn. While the firm says it would not rule out another bidder stepping in, it notes it does not see Constellation Brands (STZ) as a potential suitor and thinks Duckhorn “got fair value” with the deal.
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