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J2 Global (NASDAQ:JCOM) shares are sliding Thursday after Friedman Billings Ramsey analyst Daniel Ives cut his rating on the stock to Market Perform from Outperform.

Ives notes that the company, which provides Web-based fax services, has seen its shares rise 50% over the last six months. He says the September quarter is tracking in line with expectations, but that a good quarter is already baked into the shares. He’s also trimming his fourth quarter EPS estimate by a penny to 37 cents from 36 cents, to reflect “a modestly slowing macro environment.”

Ives says he remains a long-term fan of the company, and he says the company could announce a buyback in the fourth quarter. But he nonetheless concludes that the recent rise in the stock price gives the share a more neutral risk/reward ratio. Ives trimmed his price target on the stock Thursday to $40 from $41.

JCOM 1-yr chart:

Source: FBR Downgrades J2 Global On Macro Factors