Deutsche Bank Maintains Hold Rating On XO Group

According to Deutsche Bank, XO Group

Hold rating is maintained. Deutsche Bank said that it maintains its Hold rating on XO Group, as the online ad recovery that XO has been enjoying was tempered by a slight miss to advertising estimates and may be difficult to sustain given recent macro headwinds. “Our $9 PT values the shares at 20x our FY12E ex-cash EPS of $0.23, (vs. an avg. of 20x FY12E EPS for the Internet media sector) plus ~$4 in cash per share.” XO Group closed yesterday at $8.75.