Momentive downgraded to Hold from Buy at Needham

Needham downgraded Momentive (MNTV) to Hold from Buy after the company entered into agreement to be acquired by Symphony Technology Group for $9.46 per share. The deal price fairly values Momentive based on the firm’s estimated growth to EBITDA margin profile for FY23, while also taking into account the increased level of uncertainty surrounding the business that led management to not provide a full year guidance for 2023, the analyst tells investors in a research note.