Upland Software downgraded to Neutral from Buy at Roth MKM

Roth MKM analyst Richard Baldry downgraded Upland Software to Neutral from Buy with an $8 price target. While Q4 results were "fair," a new "growth plan" that will result in lowered revenues with some offerings sunsetted and higher spending to accelerate to only modest targeted growth of 5%-10% "will leave holes in revenues and earnings ahead of any re-acceleration, if achieved," said the firm. Roth sees few near-term catalysts and little valuation support for shares in the near-term.