Despegar.com upgraded to Hold from Sell at TD Cowen

TD Cowen upgraded Despegar.com (DESP) to Hold from Sell with a price target of $19.50, up from $14, after Prosus, a large Dutch Internet-focused investment holding company spun out of Naspers, agreed to acquire the company for $19.50 per share in cash. The firm notes that Expedia (EXPE) owns 11% of Despegar shares, but adds that it does not expect a competing bid.