SunTrust analyst Tobey Sommer lowered his price target on WageWorks to $62 while also cutting his organic sales growth forecast to 4% for both FY18 and FY19 from 9% and 7% respectively. The analyst notes his reduced outlook reflects the diminished expectations for the stock on the buy side after its delayed SEC filings, with internal control issues contributing to a 28% year-to-date decline in the stock price. Longer term, Sommer keeps his Buy rating, saying the issues around backdated financial statements should prove to be minor for 2016 and immaterial in 2017. The analyst is also positive on WageWorks' "high" customer retention rates and "robust" sales pipeline.