SC - Santander Consumer USA rating cut at Jefferies as higher bid seen unlikely

jax10289/iStock Editorial via Getty Images Santander Consumer Holdings USA (SC) dips 1.2% in premarket trading after Jefferies analyst John Hecht downgrades the stock to Hold after Santander Holdings USA proposes to acquire the rest of SC's shares outstanding at $39 a piece. In the premarket, SC shares are trading at ~$40.08, indicating that investors expect a higher bid to materialize. Hecht, though, considers it unlikely that a higher bid will emerge given that SHUSA holds more than 80% of SC. Maintains $43 price target. Yesterday, BMO downgraded Santander Consumer USA for similar reasons.

For further details see:

Santander Consumer USA rating cut at Jefferies as higher bid seen unlikely