JMP Securities downgraded Model N to Market Perform from Outperform without a price target. The company reported mixed fiscal Q1 results and industry checks raise questions about the terminal margin profile of the business and Model N’s pricing power with its largest customers, the analyst tells investors in a research note. The firm adds the company faces tough year-over-year compares on the metric investors care most about, software-as-a-service annual recurring growth growth, for the next two quarters.
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