UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on ChannelAdvisor Corp. on Broader Market Multiple Correction

In a report published Tuesday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on ChannelAdvisor Corp. (NYSE: ECOM), but lowered the price target from $45.00 to $32.00.In the report, Deutsche Bank noted, “ChannelAdvisor modestly beat Street ests. of $19.0m to report revenues of $19.3m (core revenue growth up 32%), their 4th consecutive quarter of 30%+ growth, while 2Q14 guidance of ~$20.0m was in-line. Recent sales investments are paying off as they added 136 new customers, above our 125 est. and leaving 1Q customer count up 28%, the second quarter of strong 25%- 30% customer growth. ChannelAdvisor indicated they posted record bookings in 1Q14 and reaffirmed their current customer base of 2,554 remains small compared to the addressable market of ~100,000. Maintain Hold, but adjust PT to $32 on the broader market multiple correction.”ChannelAdvisor Corp. closed on Monday at $28.51.