Goldman Sachs analyst Christine Cho downgraded Bright Scholar Education Group to Neutral from Buy with a $9.80 price target, down from $10.80. The analyst sees higher cost pressure from recent acquisitions after the company reported "another earnings miss" in fiscal Q4. While Bright Scholar's recent acquisitions of complementary education and overseas K-12 schools help elevate the policy risks on China's domestic K-12 schools, the company may be under higher pressure of cost control and exposed to higher macro uncertainties, Cho tells investors in a research note.