After Cobalt's CEO abruptly resigned, Bernstein thinks that the resignation was caused by a disagreement between the CEO and other board members related to the company. However, the firm thinks it's possible that the CEO's departure was caused by "a sudden personal issue" or his pursuit of another opportunity. Bernstein does not like changing players in the middle of the largest transaction that the company has ever pursued. However, it believes that this development increases the chances of Cobalt selling itself. The firm keeps a $9 price target and Outperform rating on the shares.