Qualtrics downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Keith Bachman downgraded Qualtrics to Market Perform from Outperform with a price target of $18.15, up from $17, after Silver Lake and Canadian Pension Plan entered into an agreement to negotiate exclusively with a proposed $18.15 take-out price for all Class A and Class B shares of Qualtrics not owned by Silver Lake. While the firm acknowledges that other private equity firms could have an interest, it is moving to the sidelines as it thinks the Silver Lake transaction is "the most likely outcome."