- Bank of America MErrill Lynch advises that a buyout premium is already priced into Kate Spade (NYSE:KATE).
- The firm downgrades Kate to Neutral from Buy and clips its price target to $20.
- Shares of Kate are up 25.5% over the last month amid the takeover talk.
- Previously: Cowen sets Kate Spade buyout odds at 80% (Jan. 12)