Cvent downgraded to Neutral from Outperform at Credit Suisse

Credit Suisse downgraded Cvent (CVT) to Neutral from Outperform with a price target of $8.50, up from $8, after the company announced a definitive agreement to be acquired by Blackstone (BX) for $8.50 per share. Based on its analysis of comparable transactions, the firm believes the valuation is "at the low end of the range of potential M&A outcomes," but also "a reasonable outcome" and it sees the consummation of the proposed merger as likely considering the near-term macro headwinds.