UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on Bankrate on Lower 4Q Revenue
In a report published Wednesday, Goldman Sachs reiterated its Neutral rating on Bankrate (NYSE: RATE), and slightly lowered its price target from $12.00 to $11.00.
Goldman Sachs noted, “Bankrate reported 4Q revenue of $93.2mn (-18.0% yoy vs. +3.4% in 3Q), significantly lower than our estimate of $107.8mn and consensus of $106.8mn. Adjusted EPS of $0.06 was below our estimate of $0.12. While we believe there is considerable value in Bankrate's category-leading position and mix of organic traffic, ongoing weakness in the credit card business and continued difficulty building an insurance product are likely to continue to limit any near-term recovery in the stock price. Therefore, we remain Neutral rated.”
Bankrate closed on Tuesday at $12.38.
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|
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