Deutsche Bank Adjusts 2011 EPS On KNOT

Deutsche Bank is adjusting its 2011 EPS on shares of The Knot, Inc. KNOT. “The lower share count from the buyback of Macy's 3.7mn shares has a $0.02 full year benefit to proforma EPS, which goes from $0.20 to $0.22, yet our EBITDA is unchanged as better overall revenue trends are offset by higher levels of spending in the business,” Deutsche Bank writes. “We now expect revs/EBITDA of $33.6mn/$6.1mn for 2Q ($32.2mn/$5.1mn previously), and $122mn/$16.8mn for 2011 ($119.3mn/$16.7mn previously). We estimate that revenue will rebound to +10% Y/Y in 2Q and +8% growth in 2011, with EBITDA margins of 18.2% in 2Q and 13.7% in 2011.” The Knot closed Thursday at $10.09.