Craig-Hallum analyst George Sutton downgraded Bottomline Technologies to Hold from Buy, telling investors in a research note that the company has had a slower start to the fiscal year than he'd like and that is not enough to support a bigger valuation. Sutton says he is now at a "crossroads," as he feels the stock is now fully priced and the fundamental slowdown seen in bookings and S&T growth makes it hard for him to endorse a still higher valuation. He is "compelled" by a TAM that supports faster growth rates and will look for signs that growth can re-accelerate.