Mizuho analyst Graig Suvannavejh downgraded Intra-Cellular (ITCI) to Neutral from Outperform with a price target of $132, down from $140, after Johnson & Johnson (JNJ) agreed to acquire all of the company’s outstanding shares for $132 in cash. The firm sees no reason for the pending takeover deal to get blocked, especially in light of recent precedent transactions. In addition, another bidder is unlikely to emerge at this point, the analyst tells investors in a research note.
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Read More on ITCI:
- Is ITCI a Buy, Before Earnings?
- Hold Rating on Intra-Cellular Therapies Amid sNDA Progress and J&J Acquisition Prospects
- Intra-Cellular reports Q4 EPS (16c), consensus (11c)
- Intra-Cellular downgraded to Hold from Buy at Canaccord
- Johnson & Johnson says positioned for 5%-7% growth through 2030 and beyond
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