Volatile Marketo (MKTO -10%) dives after UBS cuts shares to Sell, while maintaining a $22 IPO....

|About: Marketo (MKTO)|By:, SA News Editor

Volatile Marketo (MKTO -10%) dives after UBS cuts shares to Sell, while maintaining a $22 IPO. The firm doesn't like a valuation of 11x forward enterprise value/sales, which puts the marketing automation software firm in the top 1/4 of UBS' cloud software comp group. Like others, UBS is concerned about the ~75% customer overlap between Marketo and Salesforce customers in light of Salesforce's purchase of Marketo rival ExactTarget, and argues Adobe's purchase of Neolane narrows the list of potential acquirers. Shares still +73% from a May 6 IPO price of $13.