WORK - Slack upgraded at Morgan Stanley on 'full valuation' of Salesforce acquisition

Citing the company's pending acquisition by Salesforce, Morgan Stanley analyst Keith Weiss upgrades Slack (WORK) from Underweight to Equal Weight and raises the price target from $27 to $44.The analyst notes that the cash-and-stock deal implies Slack shares are worth $44.47 each. The deal has an equity value of more than $27B and enterprise value of $26B.Weiss: "Given the premium on a growth adjusted basis, we see this as a full valuation for Slack, and therefore don't expect anyone to go over the top, especially considering the limited potential buyers given a deal this large."Slack shares are currently down 0.6% to $42.77.Previously: Salesforce acquiring Slack in $27.7B cash and stock deal (Dec. 01 2020)

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Slack upgraded at Morgan Stanley on 'full valuation' of Salesforce acquisition