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SunTrust downgrades Q2 Holdings to 'hold' following stock price gains

SunTrust Robinson Humphrey analyst Terry Tillman has downgraded his rating on Q2 Holdings Inc.'s stock to "hold" from "buy."

The analyst left his price target on the stock unmoved at $60.

Q2 Holdings' stock has fared strongly over the past month, year-to-date and during the last 52 weeks, the analyst wrote. After Q2 Holdings' first-quarter results, the analyst made modest revisions to his estimates on the company's stock, and combined with share price gains above 10%, the risk/reward on Q2 Holdings stock is now "more balanced," Tillman wrote.

Tillman believes Q2 Holdings' strength with Tier 2 banks and credit unions will persist, with the Tier 1 pipeline building ahead of selling season in the fourth quarter of 2017. Revenue growth will "re-accelerate" in 2019, the analyst wrote.

He left his EPS estimates for the company unchanged at a loss of 2 cents for 2018 and a gain of 8 cents for 2019.