J.P. Morgan Neutral On D&B

J.P. Morgan Chase & Co. is out with a research report on D&B DNB and it has a Neutral rating and a $78 price target on shares. In an note to clients, J.P. Morgan Chase & Co. writes, "We're maintaining our Neutral rating on DNB following Q2,11 results. Revenues rose 1% (ex forex and M&A) while profits fell 1%. EPS of $1.19 (incl. ~$0.16 Tech investment) was in line with JPM's estimate, although Tech costs were higher than our model. North America revs. were flat in Q2,11, with results modestly tempered by vague "early sunset" of certain legacy products (we think mostly within Supply Info. and Marketing). International posted slight organic growth due partly to a slowdown in Japan (~20% of D&B's International revs.). 2011 guidance was reiterated—revs. +5-8% (2-5% organic) with EPS +6-10% (or $6.00-6.25 before ~$0.40 of Tech costs)." Shares of DNB gained 15 cents yesterday to close at $72.91.