Tele Atlas downgraded to "hold"

11/20/07 - ING Financial Markets

LONDON, November 20 (newratings.com) - Analyst Marcel Achterberg of ING Financial Markets downgrades Tele Atlas NV (TA6) from "buy" to "hold." The 12-month target price has been reduced from €33 to €30.

In a research note published this morning, the analyst mentions that Garmin has withdrawn its bid for Tele Atlas. The possibility of Tele Atlas being acquired by TomTom has increased following Garmin’s withdrawal from the bidding process, the analyst says. TomTom is now extremely likely to purchase Tele Atlas for €30 per share, ING Financial Markets adds.