Benchmark has downgraded the Internet sector from Overweight to Market Weight and core internet holdings currently are believed to be Expedia EXPE, Google GOOG and Priceline.com PCLN.
In the report, Benchmark writes "The Internet Holdings Company Depositary Receipts Index HHH gained 9% thus far in 2010 and has slightly exceeded the overall US stock market which saw the S&P 500 Index (^GSC) and the NASDAQ Composite (^IXIC) up 5% and 7%, respectively. Modest economic recovery combined with steady market share gains and financial flow-through propelled the outperformance of Internet stocks. However, the economy slowed in 3Q10, consumer confidence remains low and comparables are tougher in 2H10 compared to 1H10. As a result, we believe the acceleration of growth rates has passed."
Companies related to this report include:
Google GOOG Buy
Amazon AMZN Hold
eBay EBAY Hold
GSI Commerce GSIC Hold
Priceline PCLN Buy
Expedia EXPE Buy
Orbitz OWW Buy
Blue Nile NILE Sell
InfoSpace INSP Buy
ValueClick VCLK Buy
AOL AOL Hold
Yahoo YHOO Hold
Equinix EQIX Buy
Terremark TMRK Buy
Savvis SVVS Hold
Rackspace RAX Hold
IAC IACI Hold
Marchex MCHX Hold
OpenTable OPEN Hold
Microsoft MSFT not rated
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date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
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Posted In: Analyst ColorDowngradesAnalyst RatingsAmazonAOLBenchmarkBlue NileConsumer DiscretionaryEBAYEquinixExpediaGooglegsi commerceIACInformation TechnologyinfospaceInternet RetailInternet Software & ServicesmarchexmicrsoftOpenTableorbitzpricelinerackspacesavvisSystems SoftwareterremarkValueClickYahoo
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