After attending Blackbaud's annual user conference and analyst day, Stephens analyst James Rutherford said his talks with partners and customers were encouraging and he increased his Q3 and 2019 EPS estimates to "Street-highs" given the tenor of sales rep hires. However, he lowered his 2020 revenue estimate "modestly" and cut his EPS estimate "meaningfully" to make it a "Street-low" based on new assumptions around gross margins and spending, Rutherford tells investors. He keeps an Equal Weight rating on the stock and lowered his price target for Blackbaud shares to $92 from $96.