Revance price target lowered to $3.10 from $6.66 at Mizuho

Mizuho lowered the firm’s price target on Revance (RVNC) to $3.10 from $6.66 and keeps a Neutral rating on the shares. The firm says that following the Teoxane settlement and 13 tender offer deadline extensions, the original $6.66 takeover offer price for Revance was cut by 53% to a new $3.10 offer price, which surprised investors. The key question is whether the merger will obtain “more than 50% of outstanding shares” to consummate, the analyst tells investors in a research note. Mizuho believes investors are likely to tender given their concerns about Revance’s ability to operate and find additional capital due to its current capital structure.