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D2L Downgraded to Neutral at CIBC

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D2L Inc. (DTOL.TO) was downgraded to neutral from outperformer at CIBC Capital Markets.

Analyst Erin Kyle lowered her price target on shares of the Canadian software company to CA$11 from CA$16.

"The US K-12 customer loss this quarter was larger than we had modelled and contributed to growth below our expectations," Kyle said in a note to clients. "As a result of the churn, we estimate subscription growth will remain in the mid-single-digit range over the next several quarters as D2L laps prior periods that included the lost revenue."

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