DA Davidson downgraded Barnes Group (B) to Neutral from Buy with a price target of $47.50, down from $52, after the company announced it entered into a definitive agreement to be acquired by Apollo Global (APO) in an all-cash transaction valuing the enterprise at about $3.6B or $47.50 per share. The deal likely represents the best possible outcome for Barnes shareholders at this juncture, and other interested parties – either financial or strategic – appear unlikely to emerge, the analyst tells investors in a research note.

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