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Hambrecht & Quist analyst Paul Noglows has reduced his rating of Yahoo (YHOO) to "buy" from "strong buy," a move "based strictly on valuation" of the company's stock, he said.
During early trading today, the stock slid more than five percent to as low as 30-3/8, down from yesterday's close of 32-1/4.
Yahoo, however, is on target to meet or beat Noglows's first-quarter earnings forecast of 0 cents a share on revenues of $8.6 million.
Noglows said traffic at the company's Web site continues to build at all sites, with its Japanese service now logging over 2 million pages per day.
Individual's worth esteemed greater
Shares in personalized news and information provider Individual (INDV) were boosted by an increased earnings estimate.
During early trading, the company's stock was up as high as 11-7/8, an increase of more than ten percent from yesterday's close of 10.
Roberton Stephens analyst Keith Benjamin increased his 1998 fiscal year earnings estimate to 6 cents a share profit, from a loss of 15 cents a share.
"Business momentum appears strong with positive impact from management transition. We can expect significant revenue upside from both subscriptions and advertising based on more focused marketing," said Benjamin in a statement.
Reuters contributed to this report.
