As previously reported, Guggenheim analyst Kenneth Wong downgraded Altair to Sell from Neutral with a $32 price target. The shares are now trading above the levels of prior to the company's third quarter report despite Altair reporting weakness in the underlying business, Wong noted. He estimates that organic growth in the second half of 2019 declined 2% and he finds it hard to project growth will snap back to the high-single digits in the first half and to 11% in the second half of 2020 as the consensus view forecasts, Wong tells investors. About 35% of Altair's revenue is generated from autos and he thinks that concentrated auto exposure is unlikely to be fully offset elsewhere, Wong added.