Momentive downgraded to Hold from Buy at Craig-Hallum

Craig-Hallum analyst Chad Bennett downgraded Momentive to Hold from Buy with a $9.50 price target after the company announced it entered into an agreement to be acquired by a consortium led by Symphony Technology Group for $9.46 per share. The transaction is expected to close in Q2 or Q3 of this year and is subject to approval by Momentive shareholders. The transaction is not subject to a financing condition as Craig-Hallum believes the financing is secured to complete the transaction.