Stifel says Bridgepoint's bid for Esker is fair, but shares can go higher
** Stifel downgrades French software provider Esker ALESK.PA to "hold" from "buy" and raises PT by 36% to 285 euros, above the proposed takeover bid from Bridgepoint and General Atlantic at 262 euros per share
** Stifel says that while the bid is fundamentally fair, the share price could go higher as a competing bid from other private equity firms or software companies is "not impossible"
** The offer values Esker at 7.3x current sales, while the broker sees a possibility for multiple of 8x based on other names in the sector
** "Esker's free float is over 80%, and a number of major shareholders may have a long-term investment horizon," it adds as another possible driver for a share price increase
** Esker's shares jumped more than 12% on Friday following the takeover offer and its H1 update
Reporting by Tiago Brandao
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