Pacific Crest Downgrades Hortonworks (HDP) to Sector Weight

Pacific Crest downgraded Hortonworks (NASDAQ: HDP) from Overweight to Sector Weight and removed its price target. Analyst Brent Bracelin said its billings shortfall elevates execution risks.

"The $6.2 million billings shortfall, coupled with the departure of the president, adds a significant amount of execution risk to management's goal of reaching adjusted EBITDA breakeven by year end. We are downgrading our rating to Sector Weight to reflect increasing company-specific risk and limited confidence that the internal challenges can be fixed in one quarter," said Bracelin.

For an analyst ratings summary and ratings history on Hortonworks click here. For more ratings news on Hortonworks click here.

Shares of Hortonworks closed at $12.63 yesterday.

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