NEW YORK (TheStreet) -- ChannelAdvisor Corp. (ECOM) shares are down -12.1% to $25.07 on Tuesday.
The drop comes after analyst at Baird and Deutsche Bank (DB) lowered the company's price target following the release of its first quarter earnings results.
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Despite beating analysts earnings estimates and posting revenue in line with analyst guidance for the quarter, Baird lowered its price target for the company to $40 from $50.
Deutsche Bank lowered its price target to $32 from $45 while maintaining a "hold" rating on the stock.
The company posted a 30% year over year quarterly revenue increase to $19.3 million, and an adjusted net loss of -36 cents per share in the 2014 first quarter.
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