UPDATE: J.P. Morgan Reiterates Neutral Rating, Lowers PT on Bankrate

In a report published Wednesday, J.P. Morgan & Co. reiterated its Neutral rating on Bankrate RATE, but lowered its price target from $20.00 to $10.00. J.P. Morgan noted, “We believe Bankrate is well positioned to benefit from the secular and cyclical growth of online financial services advertising. Bankrate's rich content and information make it a primary destination for personal finance research and we believe the company is more diversified through key acquisitions in insurance and credit cards. However, Bankrate is in the process of removing underperforming leads in its insurance segment and softness in credit card approvals could weigh on near-term results.” Bankrate closed on Tuesday at $11.26.