As reported earlier, SunTrust analyst Terry Tillman downgraded Q2 Holdings to Hold from Buy and kept his $60 price target. The analyst says that he remains as positive as ever on Q2's fundamentals and vertical market leadership, but believes that after a strong performance for the stock over the past month, the risk-reward is balanced given that the next notable catalyst is unlikely to occur until the Q4 selling season. Tillman also notes the premium valuation of Q2, with FY18 enterprise value to expected sales multiple of 11-times relative to 9-times for its comparable software peers.