UPDATE: Pacific Crest Securities Downgrades Covisint On F2015 Setting Up As Transition Year

In a report published Friday, Pacific Crest Securities analyst Rob Owens downgraded the rating on Covisint (NASDAQ: COVS) from Outperform to Sector Perform, and removed the $14.00 price target.

In the report, Pacific Crest Securities noted, “Due to F2015 setting up as a transition year, negative subscription growth for multiple quarters and restructuring, we are downgrading our rating of COVS to Sector Perform. We believe there is much work to be done before investor confidence is restored.”

Covisint closed on Thursday at $7.09.