As previously reported, Raymond James downgraded Benefitfocus to Outperform and lowered its price target to $34 from $56. Analyst Brian Peterson said the Q3 report was solid but 2017 growth will be pressured by a number of headwinds including a shift in sales resources towards national accounts, lower than expected commissions with the BenefitStore product, and slower private exchange growth. Peterson remains constructive on shares given solid bookings momentum with large customers, EBITDA profitability reached in Q3, a quarter earlier than expected, and long-term growth drivers that remain intact.