Rosenblatt downgraded Constant Contact (NASDAQ: CTCT) from Buy to Neutral with a price target of $34.00.

Analyst Kirk Adams commented, "We are downgrading to Neutral. Constant Contact reported disappointing revenues in the quarter and were concerned that their new customer additions did not accelerate. We feel it is best for investors to look for a lower entry price for the stock. While we still believe that the company will reaccelerate their customer additions later in the year, we think that investors will push the stock price lower before any improvement. This is a company specific issue and not a demand issue. They explained that they may have confused their basic email customer with the heavy messaging of “Toolkit”, which will take a little while to fix and get them back on track."

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

Shares of Constant Contact closed at $34.85 yesterday.