As previously reported, Stephens analyst John Campbell downgraded Stewart to Equal Weight from Overweight on valuation. While the analyst remains upbeat on the ongoing improvements with Stewart, he believes his lower 2017 estimates equates to a fairly full valuation. Campbell acknowledges that there are potential company-specific catalysts in play, but believes the combination of lighter-than-originally-anticipated volumes, the uncertainty around the timing and the extent of the catalysts in play presents a less favorable risk-reward. He also lowered his price target on the shares to $46 from $50.