In a report published Wednesday, Morgan Stanley analyst Denny Galindo downgraded the rating on Houghton Mifflin Harcourt Co HMHC from Overweight to Equal-Weight, and lowered the price target from $22.00 to $18.00.
In the report, Morgan Stanley noted, “Cautious on 2016 with less Common Core lift, softer state education budgets (retrenching oil states & stagnant home prices), and fading billing growth. Volatile revenue leads to lower multiples.”
Houghton Mifflin Harcourt closed on Tuesday at $19.86.
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