Rise today may simply be due to an upgrade from UBS.
Insignia Financial gets a new bull in UBS after its stock price retreated far from the A$5.00/share takeover offer proposed by CC Capital. Insignia is up 1.7% at A$3.54 today. That means the stock price is closer to where Insignia was trading in mid-December when it became a bid target of Bain Capital, which has since dropped out of the running. Analyst Shreyas Patel says the gap to CC Capital's offer price is more than 40%. "We view this as a favorable risk-reward skew, even if the board were to walk back on the A$5.00 floor price in light of recent market volatility," UBS says. It upgrades Insignia to buy, from neutral.
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