As previously reported, Deutsche Bank downgraded Altair to Hold from Buy after the company lowered its FY19 revenue guidance by 2% at the midpoint of the range. Analyst Alex Tout noted that on the earnings call the company said it has not seen any significant weakness or change in buying behavior within the Automotive sector, but the CEO added that the sector was weakening, "no doubt about it." The commentary left him wondering whether further guidance cuts could be on the way, said Tout, who notes that the company appears to still be looking for strong performance in the second half. Given the risk of further guidance cuts, he lowered his rating, though he keeps a $36 price target on Altair shares.