Qualtrics downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Bhavin Shah downgraded Qualtrics (XM) to Hold from Buy with a price target of $19, up from $14. The stock is now up 51% since SAP (SAP) announced it will explore a sale of its stake and Silver Lake’s announced intent to submit a proposal to acquire shares of XM, the analyst tells investors in a research note. The firm adds that companies with similar growth profile to Qualtrics had an average takeout multiple of enterprise value 7.9-times expected next-12-months’ sales vs. and the stock’s today’s value has now reached 6.5-times.