Wells Fargo Downgrades Blue Nile (NILE) to Market Perform

Wells Fargo downgraded Blue Nile (NASDAQ: NILE) from Outperform to Market Perform with a price target of $29-$31 (from $41-$43). Analyst Matt Nemer thinks the stock will tread water over the next 12 months as the company looks for ways to drive traffic to its website. Nemer noted competitors were bidding up key word inventory and crowding Blue Nile in search.

For an analyst ratings summary and ratings history on Blue Nile click here. For more ratings news on Blue Nile click here.

Shares of Blue Nile closed at $28.12 yesterday.

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