BofA goes to ‘No Rating’ on Smartsheet after M&A reports

BofA analyst Michael Funk is moving to No Rating on Smartsheet (SMAR) as the firm believes the shares are no longer trading on fundamentals. Press reports suggest a private equity consortium that includes Vista Equity Partners and Blackstone (BX) is in talks to acquire Smartsheet, and M&A headlines will likely be the primary driver of the shares in the short to intermediate term, the analyst tells investors.