AOL changed hands recently at $50.59, down $0.18.
UBS' Eric J. Sheridan said it's "unlikely" that another bidder will emerge, "although we cannot completely rule out the possibility."
Sheridan downgraded AOL to Neutral with a $50 target and said the Verizon deal will close within two to three months.
Although AOL's stock price suggests the market is discounting higher bids, speculation continues that Yahoo! Inc. (NASDAQ: YHOO) might still step in.
Yahoo's $5.7 billion of net cash would be "sufficient to make an attractive over-bid," even assuming a $132 million, breakup fee, Gabelli's Brett Harriss wrote in Barron's on Wednesday.
Harriss noted that several activist investors have previously pushed for an acquisition by Yahoo of AOL, estimating $750 million in potential cost synergies.
Besides Yahoo, potential counter bids might conceivably come from Time Warner Cable Inc. (NYSE: TWC), Comcast Corporation (NASDAQ: CMCSA), Alibaba Group Holding Ltd (NYSE: BABA) and others, unidentified traders told Business Insider recently.
Sheridan, who discounts a bidding war, said AOL sees its acquisition by Verizon as an opportunity to jump-start its scale in mobile advertising.
The combination with Verizon provides AOL with access to 1.5 billion PCs, TVs & mobile devices and a broader pool of data AOL's advertising technology, Sheridan said.
Latest Ratings for AOL
|May 2015||UBS||Initiates Coverage on||Neutral|
|May 2015||Monness Crespi Hardt||Downgrades||Buy||Neutral|
|May 2015||Deutsche Bank||Downgrades||Buy||Hold|
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