Cowen Gets Buy Calls
Boutique investment bank Cowen (COWN) got a modest boost Tuesday after two Wall Street firms started coverage with buy ratings.
Merrill Lynch research analyst Guy Moszkowski started coverage of Cowen with a buy rating, setting a price target of $18 a share. Sandler O'Neill also initiated coverage with a buy rating on the stock.
Shares of Cowen rose 13 cents to $14.32. The stock has lost 10% of its value since its initial public offering last month. Cowen priced shares at $16 apiece after setting an expected range of $19 to $21 a share.
"Market conditions have driven shares lower from an already low IPO price ... and Cowen is trading at a significant discount to
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