Bankrate: We Can No Longer Have A Constructive View Of The Stock, Says Topeka
In a research report issued today, Topeka Capital analyst Victor Anthony downgraded Bankrate (NYSE:RATE) to Sell rating. No price target was given.
Anthony noted, “We are downgrading Bankrate to SELL from Hold and removing our price target due to: 1) the revelation of an SEC investigation into Bankrate’s 2012 financials, 2) the audit committee’s conclusion that the 2011, 2012, and 2013 financials should not be relied upon pending the conclusion of a full internal review, and 3) the uncertainty created by the abrupt resignation of CFO Ed DiMaria and transition to a new CFO. Given those matters, all of which are linked, we can no longer have a constructive view of the stock. We will re-evaluate our opinion upon a resolution of the SEC investigation and RATE’s own internal review.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Victor Anthony has a total average return of 21.7% and a 75.5% success rate. Anthony has an average return when recommending RATE, and is ranked #26 out of 3282 analysts.