Upland Software downgraded to Hold from Buy at Needham

Needham analyst Scott Berg downgraded Upland Software to Hold from Buy with no price target. The company is pivoting toward more organic growth and sun-setting aging applications, but while the general strategy change is a positive, it brings a combination of lower organic revenue and a growth investment injection that compresses margins, the analyst tells investors in a research note. The firm adds that even if the strategy shift is successful, any material sales productivity improvements are several quarters away.