Benchmark Downgrades eResearch Technology (ERT) to Hold; Going Private with Genstar

Benchmark downgraded eResearch Technology (NASDAQ: ERT) from Buy to Hold with a price target of $8.00.

Analyst, Raymond Myers, said, "We are downgrading ERT shares to Hold from Buy (issued in late February) as they are trading nearly at the agreed sale price. Our price target is unchanged at $8.00. We anticipate this transaction will close in Q3 this year. We do not anticipate any higher bid but that is possible because the transaction remains subject to shareholder approval. We believe this deal will close at the current terms because it has received unanimous support from ERT’s board of directors and has the support of Blum Capital, which owns approximately 9% of the Company."

For an analyst ratings summary and ratings history on eResearch Technology click here. For more ratings news on eResearch Technology click here.

Shares of eResearch Technology closed at $7.90 yesterday.

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