Group 1 - William Blair analyst Arjun Bhatia downgraded Thryv Holdings (THRY) to Market Perform from Outperform without a price target [1] - The downgrade is attributed to "challenging growth dynamics" in the company's software-as-a-service business that emerged last quarter [1] - Thryv is entering a transition period for the next several quarters as it builds its self-serve customer acquisition motion [1] Group 2 - Limited near-term visibility into the company's growth dynamics is now observed by the analyst [1]