Qualtrics downgraded to Market Perform from Outperform at JMP Securities

JMP Securities analyst Patrick Walravens downgraded Qualtrics to Market Perform from Outperform without a price target after the company entered into a definitive agreement to be acquired by Silver Lake Group and Canada Pension Plan Investment Board for $18.15 cash per share. The analyst views the odds of a superior proposal to be low given the no-shop clause in the merger agreement and sees the shares as fairly valued.