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Diamond Foods (DMND) Stock Downgraded at BMO

NEW YORK (TheStreet) -- Diamond Foods (DMND - Get Report) stock was downgrade to "market perform" from "outperform" at BMO Capital Markets.

The firm increased its price target to $40 from $35 after the food company agreed to be acquired by Snyder's-Lance (LNCE) in a cash and stock transaction valued at $1.91 billion, including debt.

Diamond Foods shareholders will receive 0.775 Snyder's-Lance shares and $12.50 in cash for each share.

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"We no longer see a fundamental reason to continue recommending the stock at current levels," BMO said in an analyst note.

Diamond Foods stock price will be moved by the price of Snyder's-Lance's stock price as well as by any other offer that may arise, analyst noted.

Diamond Foods stock continues to rise, up 3.95% to $39.50 in early morning trading on Thursday, after the acquisition was announced on Wednesday morning.

Separately, TheStreet Ratings team rates DIAMOND FOODS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation: