UPDATE: Canaccord Genuity Downgrades Bankrate to Hold, Lowers PT
In a report published Monday, Canaccord Genuity downgraded its rating on Bankrate (NYSE: RATE) 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.
Latest Ratings for RATE
|Sep 2014||Topeka Capital||Downgrades||Hold||Sell|
|Aug 2014||JP Morgan||Maintains||Neutral|
|Jun 2014||RBC Capital||Upgrades||Sector Perform||Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.