Morgan Joseph Starts Local.com (LOCM) at Buy; Fighting Back After Getting "Bing'd" Up

Morgan Joseph initiates coverage on Local.com (NASDAQ: LOCM) with a Buy. PT $5.

Morgan analyst says, "Local.com is a provider of paid-search advertising, primarily serving the local advertising market. The company has three main divisions: Owned and Operated - its own sites; Network - Partner traffic; and Sales and Advertiser Services - direct subscribers. The company encountered a setback during 1Q11 when Yahoo (Nasdaq: YHOO) reduced its payments to Local because of a change in its Search Engine. However, Local has taken steps to mitigate the change by entering into the Group Buying market and rolling out product offerings that should make the company less reliant on Yahoo."

For more ratings news on Local.com click here and for the rating history of Local.com click here.

Shares of Local.com closed at $3.56 yesterday.

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