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First Albany Downgrades InfoSpace

First Albany downgrades InfoSpace Inc. (INSP) to neutral from buy.

Analyst Jason Avilio says first-quarter results beat his estimates, with the mobile business clearly driving outperformance, and the search business coming in weaker than expected.

He was disappointed with second-quarter guidance of 2% to 5% sequential drop in revenues, particularly given the strong growth exhibited in the mobile data market. He says he's now less confident the company can achieve its full-year goals (which include a forecast of $1.75 to $1.95 earnings per share).

Avilio cuts his 41 cents second-quarter earnings per share on $91.5 million revenue estimate to 36 cents earnings per share on $84.9 million revenue, and his $1.84 2005 earnings per share on $388 million revenue to $1.79 earnings per share on $375 million revenue.

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