BTIG downgrades ForgeRock after Thoma Bravo deal

ForgeRock

12/10/2022 11:06

** BTIG cuts rating on ForgeRock Inc  FORG.N  to "neutral"
from "buy" after announcement of $2.3 bln takeover offer from
Thoma Bravo  urn:newsml:reuters.com:*:nL4N31C2U9
    ** Brokerage said it does not expect another bidder to
emerge for FORG
    ** FORG said all-cash deal value of $23.25/shr represents
premium of 53.4% to stock's closing price on Monday
    ** BTIG adds that the current economic environment creates
downside risk to earnings estimates and co has material exposure
to Europe, where economic headwinds are more pronounced
    ** Shares of co down 0.5% premarket in low volumes 
    ** Avg rating of 11 analysts on stock is "buy"; median PT is
$23.25 - Refinitiv data
    ** As of last close, stock down ~16% this year
 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))