UPDATE: Stifel Downgrades Marin Software (MRIN) to Hold
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(Updated - August 25, 2016 11:21 AM EDT)
Stifel downgraded Marin Software (NYSE: MRIN) from Buy to Hold and removed its price target. Analyst Tom M. Roderick said the company's CEO transition signals continued challenges.
"On August 24th, after the market close, Marin Software filed an 8-K disclosing the reappointment of current board chairman Christopher Lien to the position of Chief Executive Officer. While we like that the former founder and CEO of Marin has returned to run the business, we view the transition itself as a clear sign of another hard reset in a business already in transition. As such we feel it is most prudent to downgrade our rating from Buy to Hold as we acknowledge there is no quick fix to Marin and there is likely no buyer waiting at the doorstep," said the analyst.
Shares of Marin Software closed at $2.60 yesterday.
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