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Thomas Weisel Cuts Jupiter Media to Buy from Strong Buy

Shares of Jupiter Media (JMXI) were down after Thomas Weisel Partners downgraded its investment rating on the Web company to buy from strong buy.

Analyst Keith Gay said the downgrade reflects the tough equity market and dot-com slowdown. And given the company's exposure to the dot-com environment, it means reduced upside potential and results, he said.

Gay, however, did say he has faith in the firm's long term prospects but doesn't see any near term catalysts over the next couple of quarters. He also said cross selling between the company's businesses, joint traction of products and international expansion are long term catalysts.

The analyst said he sees a fourth quarter loss per share of $0.01 on $41.2 million in revenues, and a 2001 earnings per share of $0.39 on $220 million in revenues.

Jupiter Media formed from the merger of Jupiter Communications and Media Metrix. Shares of Jupiter Media were trading down 2-1/8 at 6-13/16.

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