Northland analyst Donovan Schafer downgraded Vitesse to Market Perform from Outperform with a $23 price target. The firm says the downgrade is "strictly valuation based," noting that the stock has traded up to about $20 from the near $15 price shares traded at around the time of its initiation of the stock on January 24. The firm adds that its change in rating is "NOT due to any incremental negatives" since its last note and says it would be buyers on any dips back below $20.
Published first on TheFly
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