The Globe and Mail reports in its Saturday, Feb. 25, edition that CIBC World Markets analyst Stephanie Price says Altus Group's ($31.01) valuation is "stretched." The Globe's David Leeder writes in the Eye On Equities column that on the heels of the release of its fourth quarter results, Ms. Price downgraded the stock to "underperformer" from "neutral." Ms. Price says in a note, "While we continue to like Altus's competitive positioning, we believe that the current valuation has gotten ahead of itself, with the stock trading at 15 times NTM [next 12-month] EBITDA, in line with (or above) pure software peers, despite deriving less than 50 per cent of revenue/EBITDA from software." On Thursday, Altus reported quarterly revenue of $115-million, in line with the consensus projection of $117-million. Adjusted earnings per share of 38 cents fell four cents below the Street's expectation, while earnings before interest, taxes, depreciation and amortization margins of 19 per cent also missed estimates of 21 per cent. Ms. Price maintained a price target of $28 for the stock. Analysts on average target the shares at $34.38. The Globe's Ian Tam recommended buying Altus on Oct. 13, 2016. The shares were then worth $29.01.