Seaport downgrades Endeavor Group, does not see higher offer

Seaport Research analyst David Joyce last night downgraded Endeavor Group to Neutral from Buy after the company agreed to be taken private by Silver Lake for $27.50 per share in cash. This is below Seaport’s prior $29 price target, but since the majority of shareholders have already approved the transaction, no further minority shareholder approvals are required, and any further increased offer is not expected, the analyst tells investors in a research note.