Smartsheet price target raised to $56.50 from $51 at RBC Capital

RBC Capital raised the firm’s price target on Smartsheet to $56.50 from $51 and keeps a Sector Perform rating on the shares after the company agreed to be taken private by Vista Partners and Blackstone in an $8.4B all-cash deal, which amounts to $56.50 per share. The stock is being acquired at a 6.1-times enterprise value to expected next-12-months revenue multiple, which seems “appropriate” given a limited total addressable market and a highly competitive sector, the analyst tells investors in a research note.