Northland Capital Markets Downgrades Saba Software (SABA) to Market Perform Amid Takeover

Northland Capital Markets downgraded Saba Software (OTC: SABA) from Outperform to Market Perform with a price target of $9.00 (from $16.00) following the takeover of the company.

Analyst Scott Berg commented, "Saba announced its sale to Vector Capital for $9/share in an all cash transaction that we believe may disappoint shareholders. The deal meets the company's timeline to sign a definitive acquisition agreement before the SEC's registration date of February 15th. While the company's sale was an unexpected final twist to a lengthy and costly financial restatement process, it will allow the company to better focus on its operations than spend resources on a historical restatement."

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

Shares of Saba Software closed at $8.80 yesterday.

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