Raymond James analyst Brian Peterson lowered his price target for Benefitfocus to $25 from $30 and maintained an Outperform rating ahead of the company's Q4 report and 2020 guidance that is expected in early February. Following a restructuring of the agreement with Mercer in early 2019, Peterson says it has become increasingly clear that this business should continue to decline going forward. With Mercer expected to generate ~$25M in revenue in 2019, this represents an 8-9 point headwind on growth in 2020 and Peterson says he is cognizant that this narrative could pose a risk for shares looking ahead to the 2020 outlook.