Blackbaud downgraded to Neutral from Outperform at Baird

Baird downgraded Blackbaud (BLKB) to Neutral from Outperform with a price target of $80, down from $92. The firm cites the company’s “mixed quarter and tempered growth expectations” for the downgrade. The firm says reduced growth expectations for Blackbaud’s core Social Sector and overall reset of growth on sales leaves it less confident in its thesis on impact of price increases.