Needham & Company Downgrades Cornerstone OnDemand (CSOD) to Buy
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Needham & Company downgraded Cornerstone OnDemand (NASDAQ: CSOD) from Strong Buy to Buy with a price target of $43.00 (from $52.00).
Analyst Scott Berg commented, "Cornerstone reported a strong 3Q revenue and EPS beat with inline billings, but lowered 4Q estimates on f(x) concerns that are elongating sales and another restructuring of the high end of its mid-market sales team that is expected to disrupt some sales. We are downgrading from our top pick and Strong Buy Rating to a Buy rating to reflect near term stock volatility expected around a less certain deal environment and optically lower revenue growth year in 2017. We believe long term fundamentals of a favorable competitive environment, well positioned product, strong end market demand, and rapidly improving profitability are well intact which likely drives the stock higher once these abnormal short term sales pressures subside."
Shares of Cornerstone OnDemand closed at $39.35 yesterday.
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