Needham & Company downgraded Control4 Corporation (NASDAQ: CTRL) from Buy to Hold following weak Q3.

Analyst Scott Zeller commented, "Control4 announced mixed results after yesterday's close, with revenue coming in below expectations due to weakness in Canada and the hospitality business. Guidance was disappointing for DecQ, and also for the first look at Q1 CY16, which suggests that growth may be challenged in the near to medium term. Our decision to downgrade shares to HOLD is based on a lack of catalyst for growth, combined with uneven operational execution. Despite a rollout of new lighting products and video switches, among other products, the revenue growth continues to decelerate at CTRL; additionally, the non-US operations continue to be problematic with Canada being the most recent challenge at CTRL. While we believe there is value in the CTRL franchise, we cannot see revenue stabilization nor acceleration at this point, thus we are downgrading to HOLD."

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Shares of Control4 Corporation closed at $8.94 yesterday.