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Fly News Breaks for November 6, 2018
Nov 6, 2018 | 06:14 EDT
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.
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