Stifel analyst Patrick Newton notes that Bloomberg reported that Thoma Bravo, Silver Lake and Vista Equity Partners are considering bids to acquire Ixia, while suggesting a valuation of about $1.3B. The analyst sees a $16.75 takeout as a base case scenario, as he believes a bidding war is still possible given the strategic nature of Ixia's assets, which would offer further upside. Furthermore, Newton sees companies with T&M exposure as likely acquirers that could offer more competitive bids, as potential synergies would support a higher takeout price. He reiterates a Buy rating and $18.50 price target on Ixia's shares.