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Hedgeye Technology analyst Ami Joseph recently held an update call on several of his positions in the wake of the quickly-changing market. He reiterated his short on Medallia Inc. (MDLA), arguing it has downside risk to $13 per share.

"As long as the core platform continues to deteriorate and be landlocked without major wins and major evolution and they continue to advance the company in terms of adjacency, whether it's mid-market or via M&A, I think the main part of the company will continue to deteriorate," Joseph explains in the clip above.

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