UPDATE: Citigroup Downgrades Active Network to Neutral, Lowers PT

In a report published Friday, Citigroup downgraded its rating on Active Network

from Buy to Neutral, and lowered its price target from $20.00 to $8.00. Citigroup noted, “We rate the share of ACTV Neutral/High Risk (2H). At current levels, we think ACTV's risk/reward is fairly balanced. Key investment positives include: 1) A large addressable market opportunity; 2) A leading supplier of Online Registration solutions; 3) A beneficiary of the secular growth in Online Advertising; 4) Relatively significant barriers to entry; 5) A predictable model with recurring revenue streams; & 6) A scalable model with EBITDA margin expansion capability.” Active Network closed on Thursday at $6.75.