UPDATE: Bank of America Upgrades Bankrate on 'Room to Climb off the Bottom'

In a report published on Tuesday, Bank of America analyst Justin Post upgraded Bankrate RATE from Neutral to Buy and raised the price objective on the company from $15 to $22.

In the report, Bank of America stated, "2Q results were in-line, but given improving business trends and EBITDA margin upside relative to history (31.9% in 2011), we are upgrading to Buy (our first Buy rating since we initiated coverage). We think improving growth trends could lead to an increase in RATE's forward-year EV/EBITDA valuation multiple to the high end of its historical range (which was 14x the last time revs. were accelerating, and we note comps. were lower in 2011)."

Bankrate closed on Monday at $15.78.