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Investing.com — Shares of Bottomline Technologies Inc (NASDAQ:EPAY), the payments and invoices management company, have strengthened Friday following a Bloomberg report that said the company is working with Deutsche Bank on a potential sale.
Citing sources familiar with the matter, Bloomberg said Bottomline is considering its options, with private equity firms interested in the company and the sector in general.
Bottomline shares are up 15.15%, to $51.47.
The article resulted in investment firm Craig-Hallum upgrading the stock to a buy from hold and increasing its price target to $60 from $50. Analyst George Sutton said in a note to investors that given the company’s underlying assets, activists “could catalyze a great potential outcome with the stock.”
He also explained: “While we remain disappointed by declining bookings and a relative loss of competitive stature in the digital AP payments market, we aren’t naive to the potential valuations that could be paid.”
