Altair downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research downgraded Altair to Peer Perform from Outperform. The firm notes on Wednesday, Altair (ALTR) announced that it has reached an agreement to be acquired by Siemens (SIEGY), for $113 per share in an all-cash deal, representing an equity value of approximately $10.6B. The take-out price of $113 per share is, in Wolfe Research’s opinion, a good outcome for shareholders and represents a 19% premium to Altair’s unaffected price and a 13% premium to its unaffected all-time high closing price.