Qualtrics downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Brian Schwartz downgraded Qualtrics (XM) to Perform from Outperform after the company entered into an exclusivity agreement to be acquired by Silver Lake Management and the Canada Pension Investment Board for $18.15 per share or about $12.4B in market cap. While noting there is a "shop around" clause, the firm thinks the odds are "low" that another bidder will emerge because SAP is unlikely to sell to competitors, the offer looks to be fair and Silver Lake has a deep relationship with Qualtrics.