UPDATE: Stifel Reiterates Buy Rating, Lowers PT on ChannelAdvisor Corporation on Mixed Factors

In a report published Tuesday, Stifel analyst Brad Reback reiterated a Buy rating on

, but lowered the price target from $40.00 to $30.00. In the report, Stifel noted, “ChannelAdvisor posted a mixed 2Q14 print, with core/total revenue above guidance/consensus and adjusted EBITDA/EPS coming in-line. A key focus was the disappointing net 108 customer adds, which was down 22%-Y/Y and below our expectations of ~150 net adds. Management attributed the short-fall to several factors including a mix-shift during the quarter to up/cross-sell and greater-than-expected churn at the low-end of the market. That said, bookings grew 18% Q/Q and ARPU rose 5% Y/Y suggesting that the company's up-market momentum continues.” ChannelAdvisor Corporation closed on Monday at $23.21.