UBS raised the firm’s price target on Alight to $13 from $12 and keeps a Buy rating on the shares. Alight Solutions has signed a definitive agreement to sell its Professional Services segment and its Payroll & HCM Outsourcing businesses to an affiliate of H.I.G. Capital for up to $1.2B, which has been approved by its board and is expected to close mid-2024, the analyst tells investors in a research note. Recent developments, including an activist shareholder and company-announced strategic review, should accelerate the trajectory of business process as a service revenue and make the legacy business more nimble and growth-oriented, the firm says.
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