DA Davidson analyst Michael Baker lowered the company’s price target on Destination XL (DXLG) to $3 from $3.50 and maintains a Buy rating on the stock. The firm cites that Fund 1 Investments made a takeover bid for the company at $3 per share, equivalent to an enterprise value of $128 million. Given Fund 1’s bid for Nordstrom (JWN), the deal with Destination XL should be favorable from a shareholder perspective given its lower EBITDA margins compared to Nordstrom, the analyst tells investors in a research note.
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