BNFT - Benefitfocus cut to Sell at Goldman amid competition restructuring

Goldman Sachs analyst Christopher Merwin downgrades Benefitfocus (BNFT) to Sell from Neutral as he sees no easing in competitive pressures and limited near-term catalysts.Sees upcoming Q2 open enrollment season as critical for BNFT, "though new business traction could take several quarters to flow into revenue growth — and even then we don'ts expect a significant uplift to growth given competitive and cyclical pressures."Sets price target at $13, implying 12% downside.Merwin's Sell rating contrasts with the Bullish Quant rating and the average Wall Street rating of Neutral (4 Neutral).Last month, an activist shareholder questioned the company on its CEO selection process after the new CEO was sued by his former employer.

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Benefitfocus cut to Sell at Goldman amid competition, restructuring