DA Davidson analyst Rishi Jaluria lowered his price target on Instructure to $55, saying the announcement by Thoma Bravo to acquire the company at $47.60 is at the lower end of recent software industry M&A by private equity and undervalues the company. The analyst notes that the offer comes at an enterprise value to next-twelve-month expected revenue multiple of 6.1-times, but deserves a 7-times multiple, particularly given the stickiness of the company's Canvas and its "runway" for share gains. Jaluria adds that he would not be surprised if another private equity bid emerged during the go-shop period and keeps his Buy rating.