Cowen and Company downgrades Forgerock to 'market perform', cuts PT

RPM International

18/10/2022 18:41

** Cowen and Company downgrades software firm Forgerock Inc
 FORG.N  to "market perform" from "outperform"; cuts PT to
$23.25 from $25
    ** Brokerage notes that amid rising number of merger deals,
FORG's acquisition by Thoma Bravo is still pending
    ** Cowen and Co's new PT reflects offer price from Thoma
Bravo
    ** Brokerage expects co to deliver revenue growth of 23% in
FY23
    ** 1 of 10 brokerages rate the stock "buy", 9 "hold"; their
median PT is $23.25
    ** Up to Monday's close, stock had fallen ~16% compared with
a ~18% decline in the NYSE composite index  .NYA 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))