BlackLine downgraded to Neutral from Outperform at Baird

Baird downgraded BlackLine (BL) to Neutral from Outperform with a price target of $55, down from $64. The company posted a “challenging quarter” with unexpected churn from existing customers contemplating the new pricing model, the analyst tells investors in a research note. Baird thinks the question of seat degradation will cap fundamental investor interest in the shares over the near-term. It steps to the sidelines pending visibility on BlackLine’s existing customer transition.