UPDATE: Bank of America Downgrades Jiayuan.com to Underperform

Bank of America lowers its rating on Jiayuan.com

to Underperform and trums its price objective to $6.60 (previously $13) as marketing cost pressure is expected to continue to plague the company. Bank of America says, "„We believe marketing costs will continue to pressure costs in 2012, as the company tries to maintain user growth as well as to jump start the activities on its wireless platform. We also believe competition is rising at the low end where some websites are offering free dating services. In 4Q2011, Jiayuan put more resources on its wireless platform, which is seen by management as an important differentiation against its competitors, spending meaningfully on wireless advertising." DATE closed at $6.93 a share on Monday.