Qualtrics price target raised to $17 from $14 at Oppenheimer

Oppenheimer analyst Brian Schwartz raised the firm’s price target on Qualtrics (XM) to $17 from $14 and keeps an Outperform rating on the shares after SAP (SAP) announced plans to sell its majority, roughly 70% ownership stake. While on the positive side the announcement removes a large overhang on Qualtrics because of concerns that SAP could unload a portion of the stock in the open market, on the negative side the sales process is a distraction to Qualtrics’ business that raises execution risk, the firm tells investors. Given how embedded Qualtrics is in SAP’s operations, selling to a strategic CRM supplier seems "less optimal," making a private equity firm "the most likely acquirer," Oppenheimer added.