Uni-Select downgraded to Hold from Buy at Canaccord

Canaccord downgraded Uni-Select (UNIEF) to Hold from Buy with a price target of C$48, down from C$51, after LKQ Corporation (LKQ) agreed to acquire all of Uni-Select’s issued and outstanding shares for C$48 per share in cash. Though the investors the firm has spoken to have a high degree of conviction in management’s ability to create long-term shareholder value, they also recognize the next leg of margin expansion will be more difficult to execute and the takeout multiple being paid "doesn’t seem unfair to us," the analyst said.