Rimini Street downgraded to Neutral from Buy at Alliance Global Partners

Alliance Global Partners analyst Brian Kinstlinger downgraded Rimini Street to Neutral from Buy with a price target of $3, down from $4.50. Customer churn has been increasing for the last several quarters, while business development “remains underwhelming,” the analyst tells investors in a research note. The firm says this suggests Rimini’s return on investment for increases in sales and marketing expenses over the last few years has not materialized.