First Analysis analyst Corey Greendale downgraded Instructure to Outperform from Strong Buy and lowered his price target for the shares to $49 from $50. The analyst keeps a positive long-term view of the company but reduced his estimates to reflect the 2019 guidance that came in below expectations. With new bookings in the U.S. higher education business not growing in 2018 or likely to grow in 2019, management is focused on six growth initiatives to expand its offerings and addressable market, Greendale tells investors in a research note. He believes Instructure's guidance assumes increasing revenue contributions from these six growth initiatives as 2019 progresses.