As previously reported, Compass Point analyst William Ryan downgraded Conn's to Neutral from Buy with a price target of $23.50, down from $30. While the company's Q3 earnings beat his estimate and consensus, same-store sales declined 8.4%, which was well below the consensus call for a fall of 2.2%, due to a tightening of credit related to observed deterioration in credit from its new customers and online applicants. The tightening of credit will take about a year to flow through and continue to hurt same-store sales, which is a key driver of the stock price, Ryan tells investors.