Deutsche Bank downgraded Marin Software (NYSE: MRIN) from Buy to Hold with a price target of $3.00 (from $6.00). Analyst Nandan Amladi noted headwinds.

"Marin Software reported 1Q16 results of $27.2m/($0.01) vs. our estimate of $26.7m/($0.05) and consensus of $26.6m/($0.06). Revenue growth guidance for the second quarter was a tad below consensus, with a full-year view held back because of delays in the new platform launch. With the CEO also stepping in as head of sales temporarily and revenue growth heavily dependent on the new platform launch, we see 2016 as a transition year. We downgrade to Hold from Buy on a challenging outlook, reducing our PT to $3 from $6," said the analyst.

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Shares of Marin Software closed at $2.56 yesterday.