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Baird Ups Rating on IMS Health


Robert W. Baird raised its investment recommendation on IMS Health(RX) to outperform from neutral, after one of largest shareholders of VNU, which plans to acquire IMS Health, said Friday that it did not support the proposed merger.

Analyst Eric Coldwell said that VNU shareholders' dissent has increased regarding VNU's proposed IMS Health purchase, as Templeton Global Advisors, Fidelity, and Knight Vinke are now opposed. If the deal falls apart, the analyst sees limited downside risk to a stand-alone IMS Health (perhaps $23), while upside potential is substantial (potentially $35) on a strong fundamental outlook. He notes that if the deal is completed, he believes IMS Health would still earn attractive return from its value at Friday's close.


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