Deutsche Bank Adjusts 2011 EPS On KNOT

Deutsche Bank is adjusting its 2011 EPS on shares of The Knot, Inc. (NASDAQ: 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.