UPDATE: Benchmark Lowers PT of QuinStreet

According to a research report this morning, Benchmark lowers the PT of QuinStreet

from $11 to $9 per share following a disappointing fiscal 3Q12. Benchmark explained, “The core Financial and Education segments experienced revenue declines of roughly 20% y/y, well below our expectations for 12% declines. EBITDA declined 19% y/y excluding a $1.4 million receivables write-off. Guidance for fiscal 4Q12 projects significant y/y revenue and EBITDA declines. Concerns about competition and quality of traffic persist.” QuinStreet closed yesterday at $10.51 as Benchmark maintains its Hold rating.