In a post-earnings research note titled "4th and Long," Piper Jaffray analyst Alex Zukin lowered his price target for Cornerstone OnDemand shares to $46 from $50. He notes, however, that the company reported a Q2 billings beat, highlighted by its largest deal ever with the U.S. Postal Service. Zukin attributes the below consensus Q3 outlook to a combination of the USPS deal being pulled into Q2 and a more Q4-weighted year where the company expects a steep ramp in services sales and enterprise deals. The analyst reiterates an Overweight rating on Cornerstone.