FBR Downgrades J2 Global On Macro Factors

J2 Global (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: