Needham & Company Downgrades Rally Software Development (RALY) to Hold
Needham & Company downgraded Rally Software Development (NYSE: RALY) from Buy to Hold following weak Q1 results, outlook.
Analyst Michael Huang said, "We are downgrading our rating on RALY to Hold driven primarily by increased uncertainty around underlying sales momentum (especially with new logos) and the intensity of the competitive landscape with a backdrop of reduced SaaS investor risk appetites (especially for those that are notably unprofitable with decelerating trends). While we acknowledge the magnitude of the market opportunity, Rally’s best-in-class positioning to go after this opportunity, the potential for accelerating trends from the 2H of the year through F16, and valuations that we see as favorable, we’d still prefer to see more tangible evidence that trends are stable to improving before getting more constructive on shares."
Shares of Rally Software Development closed at $12.22 yesterday.
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