TTEC Holdings price target lowered to $6.85 from $16 at Northland

Northland lowered the firm’s price target on TTEC Holdings to $6.85 from $16 and keeps an Outperform rating on the shares after TTEC’s founder, chairman and CEO announced a take private offer of $6.85 per share. The firm is lowering its target to the acquisition price, while recognizing alternative offers could emerge, especially for those that like the value of the Digital business. However, given Ken Tuchman owns 58% of the stock, and a majority of the minority must approve the deal, the firm sees the deal as likely to go through, absent an alternative offer.