Textura (TXTR) Stock Downgraded at Credit Suisse - TheStreet

NEW YORK (TheStreet) -- Textura (TXTR) stock was downgraded to "neutral" from "outperform" at Credit Suisse on Monday.

The New York City-based construction tools company was downgraded after the company's CEO, Patrick Allin, resigned from his role as chairman and from the board of directors last week, Credit Suisse said.

"The departure of Mr. Allin, who assumed the Executive Chairman role in 2Q15 to focus solely on sales and client strategy, increases Textura's near-term sales execution risk, in our view, as he was a key relationship manager for many of the company's large general contractor and owner customers," Credit Suisse added. 

The firm noted that his departure could cause customers currently in the sales pipeline to leave. 

Credit Suisse analysts lowered their 2016 earnings estimate for Textura to 50 cents per share from 58 cents per share. 

Shares of Textura closed down by 8.87% to $23.21 on heavy trading volume Monday. By the end of the day, 1.23 million shares of Textura had traded, versus its 30-day average of about 354,000 shares.

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