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UPDATE: Avondale Partners Downgrades Advent Software (ADVS) to Market Perform, Offer Above $34/Share Unlikely

March 13, 2013 9:32 AM EDT Send to a Friend
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Price: $28.06 --0%

Rating Summary:
    1 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 2 | Down: 1 | New: 2
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(Updated - March 13, 2013 10:07 AM EDT)

Avondale Partners downgraded Advent Software (NASDAQ: ADVS) from Market Outperform to Market Perform with a price target of $28.

Yesterday it was learned that Advent Software hired Qatalyst to explore a sale. While there are no obvious buyers in the fintech area, potential buyers include enterrpise software companies Oracle Corporation (Nasdaq: ORCL), IBM (NYSE: IBM), and SAP (NYSE: SAP).

Analyst Peter Heckmann added that a takeover would target EBITDA multiples of 13x to 15x for a price of between $30 to $34 per share. Advent is unlikely to see an offer above this range, thinks the analyst.

For an analyst ratings summary and ratings history on Advent Software click here. For more ratings news on Advent Software click here.

Shares of Advent Software closed at $29.64 yesterday.




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