Analyst Robert Mattson from Dougherty & Co downgraded Callidus Software Inc. (NASDAQ:CALD) to a Neutral rating and removed its price target. The analyst feels that execution risk is increasing to dangerous levels. Callidus had a decent quarter, but management once again lowered guidance. The recurring revenue growth rate projected to be down 600 bps this year along with “management’s comment of not having enough sales coverage” has led Mattson’s underinvestment concerns to remain. According to TipRanks, Mattson has a success rate of 75% with an average return of 22.1% per recommendation.