UPDATE: Canaccord Genuity Downgrades Bankrate to Hold, Lowers PT

In a report published Monday, Canaccord Genuity downgraded its rating on Bankrate

from Buy to Hold, and lowered its price target from $16.00 to $14.00. Canaccord Genuity noted, “We believe Q4 estimates are quite reasonable, but we adopt more conservative 2013 assumptions. While the upside scenario is enticing, we believe tough H1 comps, high execution risk, and the likelihood that any recovery may not occur until mid-2013 warrant a more cautious stance for the next quarter or two.” Bankrate closed on Friday at $12.03.