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Fly News Breaks for May 12, 2017
CSLT
May 12, 2017 | 08:00 EDT
As previously reported, Morgan Stanley downgraded Castlight Health to Underweight from Equal Weight and lowered its price target to $3.75 from $4. Analyst Brian Essex said the recent acquisition of Jiff limits core visibility performance and is burning cash, while the Q1 miss implies a deterioration in fundamentals. Essex said churn is outpacing customer adds, annual recurring revenues are declining, and expects shares to continue to underperform peers.
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