Canaccord Raises On24 Price Target to $8.10
Canaccord raised the firm's price target on On24 to $8.10 from $6 and keeps a Hold rating on the shares after the company entered into an agreement to be acquired by Cvent for $400M or $8.10 per share in cash. While the sale price valuation is "pretty undemanding, it's hard to assess standalone value for a business that's been in decline for several years," the analyst tells investors in a research note. Canaccord finds it unlikely that a premium bid emerges.
