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ALTR

Altair

$30.83

-7.07 (-18.65%)

, DWCH

Datawatch

$13.08

3.37 (34.71%)

06:14
11/06/18
11/06
06:14
11/06/18
06:14

Altair shares oversold on Datawatch acquisition, says Berenberg

Berenberg analyst Gal Munda says shares of Altair Engineering (ALTR) are oversold after dropping 19% yesterday on the company's acquisition of Datawatch (DWCH). The analyst expects the deal to be neutral to Altair's earnings in the near term. He maintains a Buy rating on the shares and lowered his price target to $46 from $48. While the acquisition of Datawatch will "certainly raise some questions" over Altair's capital allocation strategy in the near term, it does not impact the company's "ability to continue to win in its core market," says Munda. As a result of low expectations, the analyst put a zero value on the potential acquisition of Datawatch.

ALTR

Altair

$30.83

-7.07 (-18.65%)

DWCH

Datawatch

$13.08

3.37 (34.71%)

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ALTR Altair
$30.83

-7.07 (-18.65%)

10/18/18
BREN
10/18/18
NO CHANGE
Target $48
BREN
Buy
Berenberg reiterates Buy rating on Altair after attending conference
After attending the Altair Technology Conference in Paris, Berenberg analyst Gal Munda reiterates a Buy rating on Altair shares with a $48 price target. The sheer amount of enthusiastic users and continued product rollout bodes well for the business, Munda tells investors in a research note. The analyst says that following the recent share selloff due to worries of the company's auto exposure, the conference further supports his confidence in its growth story.
11/05/18
JPMS
11/05/18
NO CHANGE
JPMS
Neutral
Altair selling off on 2019 acquisition revenue comment, says JPMorgan
The acquisition of Datawatch (DWCH) brings Altair Engineering (ALTR) deep capabilities for data prep, machine learning and real-time visualization that can be utilized across its customer base, JPMorgan analyst Sterling Auty tells investors in a research note. However, the analyst believes that supporting the "heavy" financial service exposure of Datawatch's existing business and investing to penetrate the manufacturing industry with this technology "does pose challenges." Nonetheless, he views the acquisition as another example of Altair focusing on finding the best technology and then using its experience to leverage its success into its industry focus. On the stock's 18% selloff today, Auty believes the market appears to be "taking the news harshly" given management's comment that revenue from the deal could actually shrink in 2019 before it gets better with the move to subscription. He keeps a Neutral rating on Altair, which is down $7.02 to $30.88 in midday trading.
11/05/18
CHLM
11/05/18
NO CHANGE
Target $20
CHLM
Buy
Craig-Hallum sees 'higher than normal' potential for rival Datawatch bids
Craig-Hallum analyst Chad Bennett believes Altair's (ALTR) agreement to buy Datawatch (DWCH) for $13.10 per share "makes sense," but he also thinks the announcement will be "a surprise to other potential suitors" and views the price being paid as "modest at best." Given all of that, he sees a "higher than normal" potential that other bidders could appear, especially in light of the modest $6M termination fee associated with the deal. Bennett keeps a Buy rating and $20 price target on Datawatch shares.
11/05/18
BREN
11/05/18
NO CHANGE
Target $48
BREN
Buy
Altair selloff on Datawatch deal 'significantly overdone,' says Berenberg
Investors seem puzzled by how Datawatch (DWCH) fits into Altair Engineering's (ALTR) core simulation software market, Berenberg analyst Gal Munda tells investors in a research note. Altair shares are down 16%, or $6.20, to $31.70 in afternoon trading following the company's acquisition of Datawatch. The analyst admits that his first take suggests there is very little overlap between Altair's core market both from technology and go-to-market opportunity. While the deal might appear odd from strategic perspective, Altair remains "one of the most exciting and highest-quality Design Software vendors," Munda writes. He believes that while the acquisition of Datawatch might not make Altair any stronger in its core market, its "does not dilute the company's fundamental value proposition." As such, he believes today's stock selloff "appears significantly overdone." Munda keeps a Buy rating on Altair with a $48 price target.
DWCH Datawatch
$13.08

3.37 (34.71%)

07/25/18
07/25/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Halcon Resources (HK) initiated with a Neutral at JPMorgan. 2. EQT Midstream Partners (EQM) initiated with a Buy at Jefferies while EQT GP (EQGP) was initiated with a Hold. 3. Qad Inc. (QADA) initiated with a Buy at B. Riley FBR. 4. MSCI Inc (MXB) initiated with an Outperform at BMO Capital. 5. Datawatch (DWCH) initiated with a Buy at Euro Pacific. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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UA

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