OneStream downgraded to Neutral from Outperform at Mizuho

Mizuho analyst Siti Panigrahi downgraded OneStream (OS) to Neutral from Outperform with a price target of $24, down from $25, after the company entered into a definitive agreement to be acquired by Hg Capital in an all-cash transaction with equity valued at $6.4B, or $24 per share. The firm does not anticipate another bidder emerging with a higher offer, as the current takeout multiples appear reasonable relative to precedent software transactions. The firm added that it’s also not expecting a strategic acquirer, as multiple other firms have solutions that compete with OneStream.