Smartsheet downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Smartsheet to Neutral from Overweight with a price target of $56.50, down from $60, after the company entered into a definitive agreement to be acquired by funds managed by Blackstone and Vista Equity Partners in an all-cash transaction valued at $8.4B or $56.50 per share in cash. While the price offered isn’t aggressive, there is less likelihood of a competitive bid at this point, especially given that there was ample time for anyone else to step in, the analyst tells investors in a research note.