Topeka Capital Downgrades Bankrate (RATE) to Sell

Topeka Capital downgraded Bankrate (NYSE: RATE) from Hold to Sell. Analyst Victor Anthony made note of an SEC investigation, unreliable financials, and CFO changes.

"We are downgrading Bankrate to SELL from Hold and removing our price target due to: 1) the revelation of an SEC investigation into Bankrate's 2012 financials, 2) the audit committee's conclusion that the 2011, 2012, and 2013 financials should not be relied upon pending the conclusion of a full internal review, and 3) the uncertainty created by the abrupt resignation of CFO Ed DiMaria and transition to a new CFO. Given those matters, all of which are linked, we can no longer have a constructive view of the stock. We will re-evaluate our opinion upon a resolution of the SEC investigation and RATE's own internal review," said Anthony.

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

Shares of Bankrate closed at $11.92 yesterday.

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