UPDATE: Benchmark Lowers United Online's PT

According to a research report published this morning, Benchmark has lowered United Online's UNTD PT from $7 to $6.50. Benchmark commented in the report, "United Online (UNTD-Buy, PT from $7.00 to $6.50) reported better-than-expected 1Q12 results, with revenue exceeding consensus by $2 million at $242 million, flat y/y, driven by continued strength at FTD and aided by a modest improvement in subscriber bleed in the Content & Media segment. Adjusted OIBDA also exceeded consensus and the high end of the guidance range. The top end of 2Q OIBDA guidance, however, was below consensus by $5 million, but included a larger shift in FTD OIBDA from 2Q to 1Q due to UK Mother's Day, and a step up in sales & marketing spend to support the relatively successful mobile broadband rollout, which we think we and the street failed to incorporate." United Online closed yesterday at $4.78.