BofA analyst Michael Funk downgraded Duck Creek Technologies to Underperform from Neutral with a price target of $11, down from $16, citing his expectations that macro challenges impacting the P&C insurance industry will increase customer conservatism and stall cloud migration in the near-term. He also believes a tougher selling environment could persistently elongate what are already lengthy sales cycles, compress deal sizes and overall reduce sales productivity, Funk tells investors.
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Published first on TheFly
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