Financial GuidanceGuidance for the fiscal year suggests revenue growth significantly below consensus, driven by high expected churn in the first half of the year.
Market CompetitionAn increasingly competitive landscape and competition from platform vendors (Google, Adobe) may present risk to future growth.
Stock Valuation And RiskCurrent Valuation Suggests More Risk Than Reward, Downgrade to Underweight; shares reflecting the lowest risk-adjusted reward in our coverage.