As reported earlier, RBC Capital analyst Michael Carroll upgraded HCP to Outperform from Sector Perform and raised his price target to $31 from $27. The analyst says that he is "encouraged by the progress" of the new management in "repositioning the portfolio, reducing leverage, and creating a pathway for stronger earnings growth". Carroll is especially positive on the impact of the Shoreline disposition toward leverage reduction and profitability, adding that HCP now looks better positioned to "drive better long-term earnings growth".

IBM (IBM) is nearing a deal to acquire HashiCorp (HCP) for about $35 per share, Ryan Gould and Brody Ford of Bloomberg report, citing people with knowledge of the matter. IBM and HashiCorp could announce the deal as soon as Wednesday, sources told Bloomberg. Shares of HashiCorp are up 9% to $31.81 following the report.

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BTIG downgraded HashiCorp (HCP) to Neutral from Buy without a price target. The analyst sees a balanced risk/reward after the stock's recent run following takeover speculation. The firm believes the potential takeover by IBM (IBM) has a "lot of merits." HashiCorp is a good strategic asset with strong product capabilities, and deal synergies with a large acquirer such as IBM would be substantial, the analyst tells investors in a research note. Given there is still some uncertainty on a deal being consummated and a typical closing process in the 6-9 month range, BTIG sees limited incremental upside to shares in the near term.

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IBM (IBM) is nearing an acquisition of HashiCorp (HCP) and deal could come together in the coming days, Lauren Thomas and Laura Cooper of Wall Street Journal report, citing people familiar with the matter. A deal for HashiCorp would likely command a premium above where the stock is currently trading, the Journal says. Shares of HashiCorp jumped 7% to $26.37 following the report before halting for volatility. IBM is down 66c to $181.28 in afternoon trade. Reference Link