UPDATE: Bank of America Lowers PO on Bankrate from $24 to $20

Bank of America reiterated a Neutral rating on Bankrate

and lowered its price objective from $24 to $20. Bank of America wrote, “Bankrate reported rev/adj. EPS at $122.1mn/$0.18 vs. $123.5mn/$0.17 with slightly lower revenues driven by lower than anticipated lead generation segment growth (credit card spending down), offset by strong display, insurance and CPC segment growth. Revenues grew 24% y/y (organic ex-InsWeb growth was not provided) on 14% unique visitor growth, down from 37% in 1Q. “ Bankrate closed at $15.95 on Tuesday.