Sumo Logic price target raised to $11 from $8.50 at Jefferies

Jefferies analyst Brent Thill raised the firm’s price target on Sumo Logic to $11 from $8.50 and keeps a Hold rating on the shares after The Information reported that Thoma Bravo, Vista and Francisco Partners approached Sump and expressed interest in a possible bid. The potential bid comes after multiple quarters of "underwhelming: growth and negative profitability at Sumo, resulting in a sales overhaul among other restructuring initiatives, the analyst tells investors in a research note. The firm believes Sumo has a better chance of unlocking shareholder value in private than publicly. Jefferies believes $17 per share is possible in a takeout scenario and raised the price target to $11, the low reflect low end of the analyst’s scenario analysis.