Stifel analyst Justin Keywood downgraded Quipt Home Medical (QIPT) to Sell from Buy with a price target of C$5.10, down from C$6.70, after the company announced it is being acquired by private equity managers Kingswood Capital and Forager Capital. The firm’s target price adjusts to the take-out offer and although a superior bid could emerge with only a $250,000 break-fee, the firm believes the long duration M&A process has been robust and it sees other undervalued healthcare opportunities existing within its coverage as a “better use of capital,” the analyst tells investors.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on QIPT:
- Quipt Home Medical downgraded to Sell from Buy at Stifel
- Quipt Home Medical Agrees to Acquisition by Kingswood
- Quipt Home Medical to be acquired by Kingswood, Forager for $3.65 per share
- Quipt Home Medical reports Q4 EPS (8c) vs. (7c) last year
- Lakeview urges Quipt board to initiate ‘legitimate’ review of strategic options