DealerTrack acquires Casey & Casey NPS for $21.2M in cash Dealertrack Technologies announced that it has entered into an agreement to acquire Casey & Casey NPS. Total consideration for the transaction is expected to be $21.2M in cash, subject to standard purchase price adjustments.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: AIG (AIG) downgraded to Hold from Buy at Deutsche Bank... Alumina (AWCMY) downgraded to Neutral from Outperform at Credit Suisse... Avalanche Biotechnologies (AAVL) downgraded on lack of catalysts at SunTrust... DealerTrack (TRAK) downgraded to Hold from Buy at Craig-Hallum... Greenbrier (GBX) downgraded to Hold from Buy at Stifel... Methode Electronics (MEI) downgraded to Neutral at Baird... Profire Energy (PFIE) downgraded to Hold from Buy at Maxim... Standard Pacific (SPF) downgraded to Neutral from Outperform at Credit Suisse... The Fresh Market (TFM) downgraded to Sell from Neutral at Northcoast... Twitter (TWTR) downgraded to Neutral at MKM Partners on stalled user growth... United Natural Foods (UNFI) downgraded to Hold from Buy at Argus... United Rentals (URI) downgraded to Underperform from Neutral at Macquarie.
DealerTrack downgraded to Neutral from Overweight at JPMorgan JPMorgan downgraded DealerTrack to Neutral following the takeover by Cox Automotive for $63.25 per share. The firm believes the deal ultimately gets consummated and that an alternative bid is unlikely to emerge. It raised its price target for the stock to $63.25 from $56.