Topeka Capital Markets Downgrades Bankrate Inc To Sell

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.