02:53 PM EDT, 09/25/2024 (MT Newswires) -- (Updates with Truist's commentary).

Truist Securities Wednesday downgraded Smartsheet ( SMAR ) to hold from buy, saying Blackstone and Vista Equity Partners have announced a definitive agreement to buy the company.

The brokerage noted that the acquisition will be concluded in an all-cash transaction valuing Smartsheet ( SMAR ) at $56.50 per share.

"The $8.4 billion transaction price represents a 6.6x multiple on EV/CY25E sales based on our CY25 revenue estimate of $1.28 billion", Truist Securities added.

Moreover, according to the agency, the rating downgrade came believing this buyout offer "represents the best and final offer with no competitive, higher bids forthcoming."

Truist Securities also lowered the company's price target to $56.50 from $60.

Smartsheet ( SMAR ) has an average outperform rating and price target range of $55.79 to $63, according to analysts polled by Capital IQ.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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