Benchmark Lowers Blue Nile PT To $44 (NILE)

Benchmark lowered its Blue Nile NILE price target to $44 from $46 in a research report published today. In the report, Benchmark states, "Blue Nile (NILE-Hold-PT from $46 to $44) reported weak 4Q10 results. Net revenue of $115 million, up 12% y/y, topped consensus of $110 million, but likely fell short of heightened expectations as evidenced by the run up in share price beginning in late November and leading up to earnings given strong holiday ecommerce sales. Adjusted EBITDA of $11.6 million, up 9% y/y, was below our $12.5 million estimate on higher marketing spending. EPS of $0.41 was $0.02 below consensus." Shares of Benchmark were at $56.10 in pre-market trading at the time of posting, down 11.88% from Thursday's market close.