Stephens downgraded Ruth‘s Hospitality (RUTH) to Equal Weight from Overweight with a price target of $21.50, up from $20, after Darden (DRI) announced a deal to buy the company for $21.50 per share. The proposed takeout valuation is in-line with the industry’s long-run average take-out multiple, the firm noted.
Published first on TheFly
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Read More on RUTH:
- Darden Restaurants and Ruth’s Hospitality Group Provide Updated Call Information for Thursday, May 4, 2023 Conference Call
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- Darden Restaurants to Acquire Ruth’s Hospitality Group in $715 Million Transaction
- Darden to acquire Ruth’s Hospitality Group for $21.50 per share or $715M
- Ruth’s Hospitality Group (RUTH) Q1 Earnings Cheat Sheet
