Deutsche Upgrades Navteq Following Buyout: Totally Pointless

Oct. 2.07 | About: NAVTEQ Corp. (NVT)

Yesterday, Nokia (NYSE:NOK) announced that they would buy map software maker Navteq (NVT) for $8.1 billion ($78/share). Navteq has been a top performing stock this year, currently up 118%.

Unfortunately, Matrix and Deutsche Bank both had Sell ratings on the stock going into yesterday's takeover news. But not to worry, Deutsche Bank upgraded the stock from Sell to Hold and upped their price target from $30 to $78 this morning. At this point, is it really necessary for Deutsche to change their rating?

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