Endeavor Group downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Kutgun Maral downgraded Endeavor Group to In Line from Outperform with a price target of $27.50, down from $28. Endeavor announced that it has entered into a definitive agreement to be taken private by Silver Lake which, in partnership with Endeavor’s management team and additional investors, will acquire 100% of shares it doesn’t own or any rolled interest at $27.50/share representing a total equity value of $13B. The firm expects the transaction will close.