Citi downgraded Smartsheet to Neutral from Buy with a price target of $56.50, down from $63, after the company entered into a definitive agreement to be acquired by Blackstone and Vista Equity Partners at a value of $8.4B or $56.50 per share. Shareholder approval to the current offer is likely, and the firm does not expect another bidder to emerge despite the go-shop period, the analyst tells investors in a research note.
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