Altair downgraded to Market Perform from Outperform at William Blair

William Blair downgraded Altair (ALTR) to Market Perform from Outperform without a price target after the company entered into a definitive agreement to be acquired by Siemens for $10.6B in cash transaction or $113.00 per share. Given the overall scale of the companies and transaction size, as well as reported parties involved throughout the process, the firm does not believe a materially higher bid as likely.