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Fly News Breaks for January 8, 2020
CSLT
Jan 8, 2020 | 06:22 EDT
Wells Fargo analyst Jamie Stockton downgraded Castlight Health (CSLT) to Underweight from Equal Weight with a price target of $1.20, down from $1.75. The loss of Walmart (WMT) as a flagship customer and continued churn within the Jiff customer base drove organic growth from 14% in 2018 to negative 9% in 2019, Stockton tells investors in a research note. The analyst expects the "pain" to continue in 2020 with organic growth of negative 8%. Management changes and a re-commitment to spending on growth could turn things around, "although we do not expect significant signs near term," says Stockton.
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