Smartsheet downgraded to Neutral from Buy at DA Davidson

DA Davidson downgraded Smartsheet (SMAR) to Neutral from Buy with a price target of $56.50, up from $55, after Blackstone (BX) and Vista Equity Partners agreed to take Smartsheet private in an all-cash transaction that values the company at $8.4B. The firm finds the takeout valuation “fair” and roughly in-line with similar growth peers, the analyst tells investors.