DA Davidson analyst Rishi Jaluria maintained a Buy rating and $56 price target on Instructure after the company said that Thoma Bravo increased its offer price to $49 per share from $47.60. Jaluria said he maintains that the offer undervalues Instructure as the new transaction multiple is still at the lower end of recent private equity software M&A that he has tracked. The analyst added that he does not expect shareholders to approve the new offer price. Jaluria also said that if the "best and final" offer is turned down, as he expects, he would anticipate some near-term pressure on the stock price.