Truist downgraded Instructure (INST) to Hold from Buy with a price target of $23.60, down from $35, following KKR’s (KKR) announcement that it has entered into a definitive agreement to acquire the company in an all-cash transaction that values Instructure at $23.60 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.
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