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Fly News Breaks for October 26, 2018
ELLI
Oct 26, 2018 | 07:31 EDT
As reported earlier, RBC Capital analyst Ross MacMillan downgraded Ellie Mae to Sector Perform and lowered his price target to $80 from $109, saying the magnitude of the cut in the company's guidance was "much steeper than expected". The analyst has reset his expectations to anticipate flat FY19 revenues with an added risk that the company's "active seat declines" signal declines in contracted seats when renewals come up. MacMillan adds that his new forecasts assume a more cautious outlook volumes, seats, and pricing.
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