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BLKB

Blackbaud

$63.03

0.4 (0.64%)

09:28
01/03/19
01/03
09:28
01/03/19
09:28

Blackbaud price target lowered lowered to $65 from $72 at DA Davidson

DA Davidson analyst Rishi Jaluria lowered his price target on Blackbaud to $65 and kept his Neutral rating after the company closes its $157M acquisition of YourCase. While the acquiree does not provide details of financials, the analyst estimates a contribution of $25M-$30M in 2019 with added dilution on the Blackbaud margins. Jaluria adds that the deal may be positive from a "strategic perspective", but he also sees the price tag at 5- to 6-times revenue as "a little higher than typical" for Blackbaud.

BLKB Blackbaud
$63.03

0.4 (0.64%)

10/09/18
10/09/18
DOWNGRADE

Market Perform
Blackbaud downgraded to Market Perform after guidance cuts at JMP Securities
As previously reported, JMP Securities analyst Patrick Walravens downgraded Blackbaud (BLKB) to Market Perform from Outperform after the company cut guidance for 2018 for the second time in 70 days. The company's latest revisions, citing shortfalls in one-time revenue, payments, and giving rates in the United Kingdom, leave him wondering what Blackbaud will say about its growth expectations and level of investment for 2019, Walravens said. On the bright side, Blackbaud's focus on recurring revenue reminds Walravens of Cornerstone OnDemand's (CSOD) recent transformation nd the focus on integrated payments reminds him of MINDBODY (MB), he added.
10/09/18
10/09/18
DOWNGRADE

Hold
Blackbaud downgraded to Hold on execution concerns at Benchmark
As previously reported, Benchmark analyst Mark Schappel downgraded Blackbaud to Hold from Buy, noting that last night's pre-announcement represents the company's second consecutive guidance cut and he believes it signals deeper execution concerns. The analyst, who added that "sales challenges are rarely turned around as quickly as planned," sees Blackbaud shares being range-bound until the company shows evidence of accelerating revenue growth or margin improvement.
10/09/18
DADA
10/09/18
NO CHANGE
Target $82
DADA
Neutral
Blackbaud price target lowered to $82 from $105 at DA Davidson
DA Davidson analyst Rishi Jaluria lowered his price target on Blackbaud to $82 after the company cut its FY18 earnings and revenue guidance, citing its lighter than expected payments revenue, soft U.K. market conditions, and costs associated with the ramp of the sales force. The analyst also lowered his FY18 EPS view to $2.45 from $2.75 and FY19 view to $2.85 from $3.05 to reflect the update, saying that while he remains positive on the company's "market opportunity and leadership position", he sees shares as fairly valued at 22-times enterprise value to expected FY19 free cash flows. Jaluria also keeps his Neutral rating on Blackbaud.
10/09/18
10/09/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Exelon (EXC) downgraded to Neutral from Overweight at JPMorgan and to Neutral from Buy at Citi. 2. CommScope (COMM) downgraded to Neutral from Buy at Goldman Sachs with analyst Mark Delaney saying he views the company's fundamental environment as "mixed" and views the stock's valuation as fair at current levels. 3. Mylan (MYL) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst David Risinger saying recent generics trends leave him seeing downside risk to consensus forecasts and Mylan's 2018 guidance. 4. Blackbaud (BLKB) downgraded to Market Perform from Outperform at Raymond James and JMP Securities as well as to Hold from Buy at Benchmark. 5. Kroger (KR) downgraded to Sell from Hold at Deutsche Bank while Smart & Final Stores (SFS) was downgraded to Hold from Buy. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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