BTIG Downgrades Imperva (IMPV) to Neutral
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BTIG downgraded Imperva (NYSE: IMPV) from Buy to Neutral and removed its price target. Analyst Joel P. Fishbein, Jr. sees balanced risk-reward.
"The stock is up ~23% since a report surfaced last week revealing potential acquirers, with bids due this week. We still think a deal could happen, but believe any premium is limited given where the stock is currently trading. On the flip side, our checks on the business itself are mixed, and turnover continues to be an issue in light of the sale process. We don’t think there’s risk to quarterly expectations (since the company drastically reduced FY revenue guidance by $50m/26%), but there is added risk in the stock if the process drags on (or if a deal fails to materialize altogether). Instead, we think it best for investors to move to the sidelines," said Fishbein.
Shares of Imperva closed at $53.71 yesterday.
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