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
|Nov 2015||Topeka Capital||Initiates Coverage on||Buy|
|Nov 2015||Bank of America||Upgrades||Neutral||Buy|
|Sep 2015||Stephens & Co.||Upgrades||Overweight|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.