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Fly News Breaks for April 16, 2018
ELLI
Apr 16, 2018 | 06:23 EDT
BofA/Merrill analyst Brad Sills downgraded Ellie Mae and lowered his price target for the shares to $95 from $110. The analyst believes the company remains well positioned over the longer term but that weakening industry trends will cap near-term upside. Recent checks with customers and partners suggest that headcount reductions are occurring in the 10% to 15% range, stemming from rising rates, low inventory and declining margins per loan, Sills tells investors in a research note. The analyst thinks "near term volume dislocation from possible user attrition" is likely to cap upside to his estimates for Ellie Mae in fiscal 2018.
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