Oppenheimer raised the firm’s price target on Cannae Holdings to $27 from $25 and keeps an Outperform rating on the shares. The firm notes management recently took several steps to increase Cannae’s investment appeal. It brought back Bill Foley as CEO, announced a $200M Dutch tender offer, entered into a strategic partnership with JANA Partners, and changed its management incentive structure. Oppenheimer believes the return of Foley should help right previous investment missteps, and help transition the company towards private investments, where he can better effect change.
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