Keefe Bruyette analyst Vasundhara Govil downgraded Priority Technology (PRTH) to Market Perform from Outperform with a price target of $6, down from $9, after the company received a preliminary proposal from an investor group led by its CEO to acquire the remaining shares for $6.00-$6.15 in cash. The firm cites the share price rally on the news for the downgrade.
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Read More on PRTH:
- Priority Technology board confirms receipt of take private proposal
- Priority Technology Receives Buyout Proposal from CEO
- Priority Technology receives non-binding take private bid of $6-$6.15 per share
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- Priority Technology price target lowered to $11 from $16 at B. Riley