Piper Sandler raised the firm’s price target on Olo (OLO) to $10.25 from $8 and keeps a Neutral rating on the shares after the company announced it had reached a definitive agreement to be acquired by Thoma Bravo for $10.25/share. Based on the firm’s estimates this reflects a purchase multiple of 6.4-times 2026 EV/Gross Profit. While media reports of a potential sale began circulating near the end of April, Piper believes most investors would have expected a strategic buyer given the competitive field of vendors and relative scarcity of adjacent hospitality products. The transaction is expected to close by the end of the calendar year.
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