Ebix price target lowered to $40 from $150 at Craig-Hallum

Craig-Hallum analyst Jeff Van Rhee lowered the firm’s price target on Ebix to $40 from $150 and keeps a Buy rating on the shares. The firm notes Ebix completed a revised credit facility, resulting in 100bps higher interest expense and generally pushing maturity out 90 days in a clean extension. Craig-Hallum takes the duration and rate to be indicative of general consensus among parties that there are a range of options / catalysts that are under consideration for near-term action.