Vimeo downgraded to Hold from Buy at Truist

Truist downgraded Vimeo (VMEO) to Hold from Buy with a price target of $7.85, down from $8, after the company entered into an agreement to be acquired by Bending Spoons in an all-cash transaction valued at $1.38B or $7.85 per share. There is no “go shop” provision in the deal, and the proposed takeout valuation is in-line with Truist’s fair value, the analyst tells investors in a research note. As such, the firm sees a a very high likelihood that the transaction goes through as stipulated.