UPDATE: Jefferies Downgrades BMC Software to Hold, Lowers PT Following Proposed Acquisition

In a report published Thursday, Jefferies analyst Aaron Schwartz downgraded the rating on BMC Software

from Buy to Hold, and lowered the price target from $48.00 to $46.25. In the report, Schwartz noted, “We are downgrading BMC to a Hold from a Buy following the proposed acquisition of the company by a financial sponsor consortium led by Bain and Golden Gate Capital. The proposed transaction contains a ‘go-shop' period through June 5 with an additional 10 day ‘cut-off' date but we do not expect any competing or superior offers and therefore expect the transaction to close in its current form.” BMC Software closed on Wednesday at $45.34.