Domo (DOMO) was down ~9% during market hours after Morgan Stanley lowered its rating on the cloud-based business intelligence platform on sales execution issues.
Morgan Stanley analyst Sanjit Singh cut the rating to Equal Weight from Overweight, and reduced the price target to $16 from $24.
It is hard to find a catalyst, with the company heading into a tougher spend environment. Sales execution challenges persist and executive departures raise more execution risk, according to the analyst.