Stephens analyst James Rutherford downgraded Blackbaud to Equal Weight from Overweight with an unchanged price target of $86. The analyst believes the disconnect between the stock's multiple and the company's fundamentals has closed following the recent rally. In addition to the valuation call, Rutherford also sees risk of a Q1 revenue miss given recent donation trends as reported in the Blackbaud Giving Index coupled with Street estimates "that seem to expect growth acceleration." However, the analyst continues to believe in Blackbaud's cloud strategy, competitive position, and growth acceleration in 2020.