Citizens sees ‘number of different buyer types’ for Forge Global

Citizens JMP reiterates an Outperform rating on Forge Global (FRGE) with a $60 price target after the company confirmed it is engaged in sale discussions upon receiving interest from multiple parties. The stock closed Monday up 12% to $18.55. Forge “represents a highly attractive acquisition opportunity for a number of different buyer types,” the analyst tells investors in a research note. Citizens has “long suspected” that takeover interest for Forge would exist from public market exchanges given the company’s ability to provide access to private companies that create a pipeline for their primary public market business. This would create “substantial strategic synergies” to public exchanges. the firm contends. Citizens also believes large financial institutions seeking more exposure to private companies could view Forge as an attractive platform. The firm does not view Forge as a “desperate seller.”