Needham analyst Scott Berg lowered his price target on Zuora to $27 to reflect the multiple compression permeating the Enterprise Software sector over the past 6 weeks. The analyst also keeps his Buy rating on the stock after its "solid" Q3 results driven by a 44% increase in subscription revenues, 37% increase in billings, and continued progress in gross margin expansion. The analyst notes that investors may be disappointed by the slowdown of billings growth from 42% in Q2, but believes the quarter was also impacted by the "nominal headwind from anniversarying the beginning of the Leeyo acquisition."