Baird analyst Craig Kennison downgraded IAA (IAA) to Neutral from Outperform with a price target of $44, down from $46. The analyst sees a more balanced risk/reward scenario in the wake of the proposed sale to Ritchie Bros. (RBA). The proposed transaction values IAA shares near $44, including $10 cash plus Ritchie stock, Kennison tells investors in a research note. He believes IAA is a "good business" but sees the risk/reward as balanced given the deal dynamics.
Published first on TheFly
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