Needham downgraded Faro Technologies (FARO) to Hold from Buy without a price target after the company entered into a definitive agreement to be acquired by Ametek (AME) for $44 per share. The firm believes the shares are fairly priced following the news. Needham thinks Faro should be part of a larger industrial tech company, given its size, product portfolio and the inherent cyclicality of the business.
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Read More on FARO:
- Faro Technologies downgraded to Hold from Buy at Craig-Hallum
- FARO Technologies Announces Merger with Ametek
- Ametek to acquire Faro Technologies for $44 per share in cash
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