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Fly News Breaks for November 11, 2019
OTEX, CARB
Nov 11, 2019 | 11:41 EDT
As reported earlier, RBC Capital analyst Matthew Hedberg downgraded Carbonite (CARB) to Sector Perform from Outperform with a price target of $23, down from $25, after OpenText (OTEX) announced that it has entered into a definitive agreement to acquire the company for $23 per share in cash. Hedberg said that "at the end of the day" he believes the move represents a "reasonable" outcome for investors. Additionally, the analyst said that with a "thorough" sales process he does not anticipate additional offers. Hedberg added that Q3 results for Carbonite appeared "strong" relative to guidance and consensus, though guidance was reduced last quarter.
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