Needham analyst Joshua Reilly downgraded Zuora (ZUO) to Hold from Buy and removed the firm’s previous $15 price target after Zuora announced a deal to be acquired by Silver Lake and GIC for $10 per share. Zuora was “widely shopped to both strategic and financial buyers,” and the $10.00 per share price reflects best efforts by the special committee to maximize shareholder value, the analyst tells investors.
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