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Analyst: Infospace on the up
Stuart O'Brien Aug 23 2007, 6:15pm
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Wedbush Morgan says the search specialist is 'undervalued and misunderstood'.
In a note issued today, Wedbush Morgan analyst Scott Sutherland says: "We believe Infospace's transition out of the deteriorating mobile content business has created some material near-term pressure on profitability that should start to ease in Q4 and 2008."
As such, the bank is upgrading Infospace shares to 'buy' from 'hold'.
Uncertainty has surrounded the Infospace business since Cingular decided not renew a ringtone aggregation contract in September 2006.
It has since withdrawn from the content space, selling its ringtone biz to Funmobilty and shutting down its games studios.
The company is now focussed on its core online and mobile infrastructure offering, which encompasses search and content storefronts and generated $13.4 million of revenue in Q2 - a 47 per cent increase from $9.1 million in 2Q06.
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