JPMorgan analyst Mark Strouse downgraded Cubic to Neutral from Overweight with a price target of $67, down from $78. The company reported "mixed" fiscal Q4 results with disappointing EBITDA on stronger than expected revenue, Strouse tells investors in a research note. Further, Cubic's fiscal 2020 guidance was lower than expected on an organic basis, missing the company's Goal 2020 EBITDA targets, primarily owing to increased investment activity as well as the U.S. federal budget continuing resolution, adds the analyst. He believes the stock may be range-bound near-term until visibility into acceleration of margin expansion improves.