Mizuho analyst Siti Panigrahi downgraded Cornerstone OnDemand to Neutral from Buy with a price target of $50, down from $65. The stock in premarket trading is down 6% to $51.60. The company last night reported a "weak" Q4 and guided Q1 below consensus due to increased competition, softness in content sales and higher churn rates, Panigrahi tells investors in a research note. The company also acquired one of its largest competitors, Saba, for around $1.4B, the analyst adds, noting that management didn't provide full-year guidance with the impending deal. Given the weak results, coupled with the uncertainty around the integration of the acquisition, Panigrahi says the previous thesis has changed and that it is now prudent to be on the sidelines.