Evercore downgrades Qualtrics, sees ‘limited’ upside after Silver Lake bid

As previously reported, Evercore ISI analyst Kirk Materne downgraded Qualtrics (XM) to In Line from Outperform with a price target of $19, down from $20, after Silver Lake and Canada Pension Plan Investment Board announced an offer to acquire all of the outstanding shares not currently owned by Silver Lake, including all shares of company common stock owned by SAP (SAP), for a purchase price of $18.15 per share in cash. The firm expects negotiations should "wrap up fairly quickly" and thinks the price "could get bumped slightly higher," but it sees the upside case from here as "more limited" and believes "the vast majority of the upside has been captured at this point."