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J.P. Morgan Downgrades InfoSpace


InfoSpace (INSP) reported second-quarter results and issued guidance. J.P. Morgan cut its rating to neutral.

Analyst Imran Khan says InfoSpace's revenues were $4 million below his $87.2 million estimate, while GAAP earnings per share was 5 cents above his 39 cents estimate. He does not believe InfoSpace has finished cleaning up its distribution relationships. He says further cuts in revenue contribution from certain partners is likely in the coming quarters.

Khan cut third-quarter EPS forecast to 20 cents from 50 cents and revenue to $80.6 million from $97.2 million; 2005 EPS forecast to $1.25 from $1.92 and revenue to $341 million from $381 million; 2006 EPS to $1.05 from $2.65, revenue from $497 million from $408.3 million.

He downgraded to neutral from overweight based on declining search and mobile fundamentals.


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