NEW YORK (TheStreet) -- Shares of Fleetmatics (FLTX) were higher in late-morning trading on Thursday, even though the company's stock rating was downgraded to "equal weight" from "overweight" at Barclays this morning.
The rating cut is a result of the company's acquisition by Verizon (VZ) on Monday for $2.4 billion, or $60 per share.
Barclays does not see any upside in the deal for Fleetmatics and does not expect a competing bid since this is Verizon's second acquisition in the fleet management sector after recently closing on Telogis.
"Given Verizon's strategic interest and the premium paid, we see little probability of a competing offer," the firm wrote.
The firm raised the company's price target to $59 from $46 to reflect "the time value between now and closing."
Additionally, Fleetmatics stock was downgraded to "hold" from "buy" at Stifel following the announcement of the deal. The stock was also cut to "market perform" from "outperform" at William Blair and to "sector perform" from "outperform" at RBC Capital.
Fleetmatics is a Waltham, MA-based mobile workforce solutions provider.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings team rates Fleetmatics as a Hold with a ratings score of C+. The primary factors that have impacted the team's rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
You can view the full analysis from the report here: FLTX