Everi Holdings downgraded to Market Perform from Strong Buy at Raymond James

Raymond James analyst John Davis downgraded Everi Holdings to Market Perform from Strong Buy without a price target following the announcement that Apollo will acquire both International Game’s (IGT) games business and Everi for a combined $6.3B. This implies an EVRI takeout price of $14.25 per share, a 56% premium to Thursday’s close, the analyst tells investors in a research note. The firm would not expect a topping bid, especially given the recent challenges within the games business.