The Globe and Mail reports in its Friday edition that in response to weaker-than-anticipated third quarter financial results and a "surprise" acquisition, National Bank Financial analyst Richard Tse downgraded Altus Group to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. Tse says in a note: "[Altus's material acquisition] has us taking pause to reflect its impact on valuation as we're unfamiliar with the asset and from our initial assessment, it's unclear from our vantage point as to whether we can ascribe a similar target multiple to that business. While we recognize the revenue correlation with bookings is not paired given the contractual terms of Altus's engagements, we need to acknowledge it does drive incremental revenue and that the bookings growth is notably lower than what has been a higher normalized run rate. Beyond that, 72 per cent of Altus's AE user base on Cloud continued its positive upward trajectory (up 200 basis points quarter-over-quarter) with expectations that most of the remaining base will be converted over the next year. All in, we believe Altus could miss hitting its $400-million revenue target for its 'higher-valuation' Altus Analytics segment] this year."