UPDATE: Feltl and Company Downgrades Convio to Hold

Feltl and Company has published a research report on Convio CNVO and has downgraded the company to Hold after being acquired by Blackbaud BLKB for $16/share. In the report, Feltl and Company writes, "The total value of the deal is nearly $325M, or an enterprise value of $275M plus roughly $50M in existing cash. Blackbaud (BLKB NOT RATED) will fund the deal through a combination of cash and debt. The deal is expected to close in 1Q12. The merger agreement does include a termination provision calling for Convio to pay Blackbaud a $11M termination fee should it decide to terminate the transaction." Feltl and Company has raised the price target to $16 on Convio, which is currently trading up $5.15 from Friday's $10.74 closing price.