UPDATE: Jefferies Downgrades Active Network Following Announcement of Acquisition by Vista Equity Partners

In a report published Tuesday, Jefferies analyst Brian Pitz downgraded the rating on Active Network (NYSE: ACTV) from Buy to Hold, but raised the price target from $10.00 to $14.50.

In the report, Jefferies noted, “Two months after management disclosed publicly that the Co's BOD is evaluating several expressions of interest (ranging from investment to acquisition of ACTV), Active Network announced a definitive agreement to be acquired by Vista Equity Partners for $14.50 / share in cash (~$1.05B total valuation). We change our rating to Hold and PT to $14.50.”

Active Network closed on Monday at $14.31.