Univar downgraded to Hold from Buy at Fermium Research

Fermium Research analyst Frank Mitsch downgraded Univar (UNVR) to Hold from Buy with a price target of $36.15, up from $35. The firm said that the deal with Apollo (APO) was not a great surprise, though it was surprised at the $36.15 per share figure has it felt comfortable that the quity could have reached that level excluding a takeover premium. Fermium added, though, that it was keenly aware of the issues regarding its position as a bit of a unicorn with no natural U.S.-based comps.