Information Services downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded Information Services (IRMTF) to Market Perform from Outperform with a price target of C$51, down from C$53, after the company agreed to be acquired by Plenary Americas in an all-cash transaction for C$51 per share. There has been ongoing speculation regarding a potential sale since the company announced its strategic review on September 8, notes the analyst, who points out that the offer price represents a 55% premium to the unaffected closing share price immediately prior to the announcement of the strategic review.