UDPATE: Bank of America Downgrades Digital River to Underperform

A report from Bank of America reiterates its $23 price target and downgrades its rating from Neutral to Underperform on Digital River

. The report states, “Near-term margin leverage on DRIV's largely fixed expense structure should be challenging given single digits expected growth going forwards. With some of the weakest growth in the Internet sector, few positive upcoming catalysts, and the overhang of MSFT accounting for ~30% of revs (which we believe is no longer growing)." DRIV closed yesterday at $23.00.