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Bernstein Downgrades Marketo Inc To Market Perform

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Bernstein Downgrades Marketo Inc To Market Perform

Bernstein's Mark Moerdler downgraded Marketo Inc (NASDAQ: MKTO) to Market Perform with a price target of $37.00.

The rating change came after Marketo agreed to be acquired by Vista Equity Partners for $35.25 per share in cash. "The deal is forecasted to close in the 3rd quarter," said Moerdler.

The downgrade was all based on the fact Marketo was trading "near the agreed upon acquisition price of $35.25," according to Moerlder.

Related Link: Amazon To Invest $3 Billion More Into India

Significant upside may remain, however, as "it is still possible that a strategic buyer could offer a higher bid in the coming weeks which we estimate would be as much as $43.00 or about an $8.00 premium to the current acquisition price," stated the analyst.

At the time of writing, Marketo traded at $35.16, just shy of Vista Equity's acquisition price of $35.25.

Latest Ratings for MKTO

DateFirmActionFromTo
Jun 2016DowngradesMarket OutperformMarket Perform
Jun 2016DowngradesOutperformMarket Perform
Jun 2016MaintainsNeutral

View More Analyst Ratings for MKTO
View the Latest Analyst Ratings

Posted-In: BernsteinAnalyst Color Long Ideas Downgrades Price Target Analyst Ratings Tech Trading Ideas

 

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