Jefferies analyst John Hecht downgraded Ezcorp to Hold from Buy with a price target of $6.50, down from $13.50. The company's corporate governance actions represent "misalignment with non-voting shareholders," Hecht tells investors in a research note. The recent board changes elevate Phil Cohen, the sole owner of the voting shares of Ezcorp, to Executive Chairmen of the Board, the analyst points out. While Mr. Cohen has extensive industry experience, his history with the company reflects actions which are not in the best interest of non-voting shareholders, contends Hecht. Such actions, according to the analyst, include outside consulting relationships with very high levels of pay to Cohen "with little justification or accountability and influence on a series of acquisitions which have a poor record of success." In addition, Ezcorp's fundamentals have been deteriorating, says Hecht.