Stephens analyst James Rutherford previewed Blackbaud's upcoming fourth quarter report, saying he continues to think the company will be able to post an in-line revenue quarter, but thinks there is a bit of risk given mixed signs he is seeing around Q4 charitable donations. The analyst tells investors in a research note that he expects a strong Q4 EPS beat due to lower than expected net hiring and conservative guidance, but suspects adjusted EPS guidance will be slightly below the current consensus based on his understanding of gross margin trends and other growth investments. The analyst, who makes no change to his Equal Weight rating and $82 price target, thinks shares are fairly valued at current levels.