Craig-Hallum analyst George Sutton maintained a Hold rating on Bottomline Technologies and cut his price target to $55 from $63, telling investors in a research note that while the company's headline results for Q2 were "reasonable," the details weren't particularly good with the important subs and transactions line missing estimates. Sutton believes the reduction in guidance to below the long-standing $300M revenue bogey for subscription and transaction revenue was disappointing, but was modestly encouraged that backlog improved a bit y/y vs. declines in the prior quarter.