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Informatica Corporation (NASDAQ: INFA) has been tearing higher – propelled by rumors that Elliott Associates, an activist hedge fund, is pushing for a sale. Shares were trading at $38 mid-day Monday; prices closed at $43 yesterday.
Today, analysts at Wedbush said that plans to sell the company is “nonexistent.” Wedbush reiterated a Neutral rating and raised its price target to $42 from $37.
Wedbush clearly thinks Elliott will not be. Wedbush says management’s plans to invest in growth are counter to the path a company would take to cut costs ahead of a private-equity sale. Further, Informatica's management has a good reputation, allowing them room to make improvements without activist pressure. As the speculation cools, Wedbush sees the take-out premium falling.
However, the analysts note that in the near term, shares “won’t be driven by fundamentals,” but instead by speculation on whether Elliott will be successful.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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