As previously reported, Buckingham analyst James Clement downgraded Quad/Graphics to Neutral from Buy with a price target of $7, down from $20, following the company's halving of its dividend and "shocking" guidance reduction. He is "absolutely shocked by these developments given the confidence management had just three months ago," Clement tells investors, adding that he thinks there could be more downside for the stock despite it already having been down about 25% in after-hours trading. In pre-market trading, Quad/Graphics shares are down $3.34, or 30%, to $7.93.