Analysts at Topeka Capital Markets downgraded shares of Bankrate Inc. RATE to Sell from Hold and removed the price target.
Victor Anthony stated three reasons for the downgrade:
1) The SEC investigation into Bankrate’s 2012 financials.
2) The audit committee's conclusion that the 2011, 2012, and 2013 financials should not be relied upon pending the conclusion of a full internal review.
3) The uncertainty created by the abrupt resignation of CFO Ed DiMaria and transition to a new CFO.
Shares of Bankrate recently traded at $11.69 down 1.9 percent.
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