UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on SolarWinds Following N-able Technologies Acquisition Close

In a report published Wednesday, Jefferies analyst Aaron Schwartz reiterated a Buy rating on SolarWinds

, but lowered the price target from $64.00 to $59.00. In the report, Jefferies noted, “SWI closed its acquisition of N-able Technologies and there are reasons to be skeptical—specifically with the addition of a slightly different sales approach. But, we also believe SWI did not overpay to obtain a growth subscription model and the company has a successful record of taking methodical steps to position for sustainable long term growth. Patience is a part of the integration, but we continue to like the longer term thesis.” SolarWinds closed on Tuesday at $42.15.