RBC Capital analyst Matthew Hedberg downgraded Sumo Logic to Sector Perform from Outperform with a $12 price target after the company agreed to be acquired by Francisco Partners for $1.7B, or $12.05 per share in cash. The price, which represents a 57% premium to the unaffected stock price, is "reasonable" and given the company said it had made a "thorough evaluation of strategic alternatives," RBC does not anticipate additional bidders.
Published first on TheFly
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