EngageSmart cut to Hold at Truist after Vista Equity buyout offer

Truist downgraded EngageSmart to Hold from Buy with a price target of $23, down from $30. The firm cites the Vista Equity Partners announcement that has entered into a definitive agreement to acquire the company in an all-cash transaction that values the company at $23.00 per share. The downgrade assumes this represents the best and final offer with no competitive, higher bids forthcoming, the analyst tells investors in a research note.