B. Riley FBR analyst Zach Cummins downgraded Clarivate Analytics to Neutral from Buy with a price target of $23, up from $19.50. The analyst raised his estimates to reflect accretion from the Decision Resources Group acquisition. However, he cites valuation for the downgrade to Neutral. Cummins remains bullish on Clarivate's long-term prospects, but given the recent run in the stock, along with anticipated dilution from warrant conversions and a potential equity financing, he believes the stock's near-term risk/reward is balanced at current valuation levels.