After Bloomberg said BMC Software's private equity owners are considering a potential deal to take CA Technologies private and combine the companies, Evercore ISI analyst Kirk Materne said there would be some obvious synergies for their respective mainframe businesses, though "one has to question how much juice there is left to squeeze on that side of the business." In such a merger/go-private deal scenario, he believes $34-$42 per share could be viewed as a reasonable fair value for CA. Materne keeps an Underperform rating and $32 price target on CA shares, though he acknowledges that once such go-private stories emerge, stocks "tend to remain locked in a range with limited downside risk."