UPDATE: Benchmark Downgrades LivePerson to Hold on Weak Q3

Benchmark lowered its rating on LivePerson

from Buy to Hold with a $13 price target. Benchmark commented, "We are downgrading our rating on LPSN to Hold from Buy and resetting our price target to $13 in the wake of last night's 3Q earnings report where the Company missed consensus revenue estimates and lowered its outlook meaningfully for 4Q. While we are still believers in the longer-term story (i.e., product line recharge, increased sales capacity to support the new product pipeline and reasonable valuation), we prefer to wait for better visibility as we think it could take another 2-3 quarters before the Company's product bookings begin to convert to meaningful revenue and earnings." LivePerson closed at $14.68 on Tuesday.