UPDATE: Baird Downgrades NeuStar on NPAC Contract Concerns, Trading Down 18 Percent

Baird released a report Thursday morning in which their analyst, William Power, downgraded Neustar

from Outperfrom to Neutral, dropping price target from $58 to $36. Power noted, "With uncertainty around the NPAC contract likely to reign for some time, and the increased likelihood that they could actually lose the contract, we are lowering our rating from Outperform to Neutral, despite the steep after-hours drop. In addition to the contract concerns, guidance was also moderately worse than expected." NSR is currently trading at $35.67, down 18.5% from its Wednesday close of $43.75.