Deutsche Bank Downgrades ChannelAdvisor (ECOM) to Hold

Deutsche Bank downgraded ChannelAdvisor (NYSE: ECOM) from Buy to Hold with a price target of $16.00 (from $22.00).

Analyst Karl Keirstead said, "Third-party ecommerce SaaS vendor ChannelAdvisor (ECOM) preannounced 4Q14 results ahead of the earnings date on February 5th. Revenues of $23.7m (+16% y/y growth) will be below the previous guide of $25.7m-$26.1m (+27% y/y growth at high-end). ECOM also said that its 4Q14 adjusted EBITDA loss would fall below its prior guidance (of $0.4 million at the midpoint) and that 2015 revenues will be below ECOM’s prior guidance for 28% growth. This is the second miss in three quarters and has dented our confidence in the business. We’re lowering our rating to a HOLD and moving our PT to $16 from $22."

For an analyst ratings summary and ratings history on ChannelAdvisor click here. For more ratings news on ChannelAdvisor click here.

Shares of ChannelAdvisor closed at $21.15 yesterday.

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