NEW YORK-InfoSpace Inc. got some good news Friday as Piper Jaffray maintained an “outperform” rating and $60 target price on the mobile technology company.
InfoSpace was buffeted earlier this week when a Raymond James analyst downgraded the company and reduced its target price, citing uncertainty for InfoSpace’s future business due to the merger between AT&T Wireless Services Inc. and Cingular Wireless L.L.C.
But Piper Jaffray said the company’s relationships with Cingular and other carriers remain “solid” and said a sell-off earlier this week represents a positive opportunity for investors.
“We expect Cingular to remain a key client, and InfoSpace could potentially win the AT&T (Wireless) business, now a part of Cingular,” the research firm said.
Shares of InfoSpace were down 70 cents, or 1.5 percent, mid-day Friday.<
