E2open downgraded to Neutral from Buy at Redburn Atlantic

Redburn Atlantic analyst Alex Haissl downgraded E2open to Neutral from Buy with a price target of $4, down from $8.50. The firm says it underestimated the hurdles E2open faces in transitioning from acquisition-driven to organic growth. While confidence in the technology and its medium to long-term equity undervaluation remains intact, the absence of a near-term catalyst to re-rate from its already depressed levels drives the downgrade, the analyst tells investors in a research note.