not vested
Credit Suisse (Outperform rating, $245 PT maintained)
"While the $27.7bn Slack acquisition was telegraphed last week by the media, the final size/consideration/valuation, a longer-than-expected time to close and lack of clarity around financial implications were disappointing.
The stated rationale 'as the operating system for the new way to work' and vision to enhance Customer 360 largely jive with our take...but timing (3 months after publicly talking down M&A, and before Tableau is completely integrated) and final deal structure (no WORK go-shop period) will make it challenging even for bulls to fully digest.
- Brad Zelnick