Truist Securities cuts PT on Momentive, says $1.5 bln buyout deal not surprising

Momentive Global

28/03/2023 16:19

** Brokerage Truist Securities cut its price target on
shares of Survey Monkey owner Momentive Global  MNTV.O  to $9.46
from $12 
    ** "The news of a take-out was not all that surprising as
the company was still "in play", in our view, after the board's
failed attempt to sell to Zendesk," says Truist and downgrades
stock rating to "hold" from "buy" 
    ** MNTV agreed to be taken private by a consortium led by
private equity firm Symphony Technology Group (STG) in a $1.5
bln deal earlier this month
    ** MNTV shares have risen ~20% since the deal was announced;
they were up 0.1% on Tues
    ** "We expect the STG-led deal to go through with more
details about the transaction likely to come out in the proxy
once it's released in a few weeks" - Truist Securities  
    ** Currently, all 6 brokerages covering the stock have a
"hold" rating; their median PT is $9.46 - Refinitiv data 
    

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.mathews@thomsonreuters.com))