Morgan Joseph Downgrades MIVA (MIVA) to Hold
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Morgan Joseph downgrades MIVA (NASDAQ: MIVA) from Buy to Hold after MIVA reported weaker than expected Q1 2008 earnings.
Morgan Joseph commented on the company's turnaround effort by saying, "In our view, the company's 1Q08 results and full-year outlook indicate that its efforts to turn the business around are taking longer than expected. While there were several encouraging trends in the quarter, we believe management's Street credibility is coming into question as the company continues to push out its forecast for profitability. As a result, we are downgrading our rating on MIVA shares to Hold from Buy, choosing to wait on the sidelines for more tangible turnaround evidence."
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