Benchmark Initiates Coverage of QuinStreet with Hold and PT of $13

Benchmark initiated its coverage of QuinStreet QNST with a Hold rating and a price target of $13. In a research report published today, Benchmark states, "QuinStreet pre-announced fiscal 4Q11 (ending June) results projecting a meaningful deceleration in growth, while providing 2012 guidance which appears aggressive. While we believe QuinStreet's business generates strong free cash flow, concern that the model may be broken could take several quarters to address. We initiate coverage of QuinStreet with a Hold rating and a $13 per share price target." On Wednesday, QuinStreet added 1.25% to its value to end the day at $12.18.