UPDATE: Bank of America Downgrades QuinStreet to Underperform on Industry Headwinds

Bank of America reduced its rating on QuinStreet

from Neutral to Underperform reiterated its $10 price objective on shares. Bank of America noted, "We are downgrading QuinStreet (QNST), an online vertical marketing and media company, to Underperform. Our prior Neutral rating was predicated on our belief QNST would swiftly work through multiple industry headwinds while benefiting from its attractive price vs. peers. We now believe QNST's transition period will take longer than expected and believe Street's FY13 estimates are too optimistic. We are maintaining our $10 PO based on 6x our CY13E EV/EBITDA estimate." QuinStreet closed at $10.01 on Monday.