Endeavor Group downgraded to Sell from Neutral at Seaport Research

Seaport Research analyst David Joyce downgraded Endeavor Group (EDR) to Sell from Neutral with a $27.50 price target Shares are trading far above the $27.50/share cash privatization offer, and much of the activity driving up the share price has been risk-arbitrage-related short covering, but in the event there are other investors still in Endeavor who did not submit their exercise of appraisal rights, the firm recommends that investors are not holding on to hopes for an increase in deal terms, the analyst tells investors in a research note.