As previously reported, Wells Fargo analyst Jamie Stockton downgraded Maximus to Market Perform from Outperform while raising his price target for the shares to $83 from $79. While fundamentals seem poised to improve in FY20, the Census contract could turn from a tailwind into a headwind in FY21. That would mean the rest of the business might have to grow 10% in FY21 in order for organic growth to be flat, but he thinks the rest of the business seems more likely to grow 0-5%, Stockton tells investors. He thinks the implied upside potential over the next year is limited, but does note the stock is viewed as a defensive one for those worried about a recession.