Список проголосовавших за комментарий " <table class="BriefingDataTable" border="0" cellspacing="0" cellpadding="0"><tr> <td class="tickerColumn"> </td> <td class="articleColumn">XO Group downgrade details — to Hold at Stifel; tgt lowered to $17 (18.43)Stifel downgrades XOXO to Hold from Buy and lowers their tgt to $17 from $23. Co's decision to essentially abandon the emerging pay-for-performance business model and repurpose it as features and tools of the Local subscription advertising business reduces the total addressable market available to co and limits future growth and margins. This is a major strategic about-face by the company and mgmt and very disappointing. Also, <strong>the pay-for-performance business model was designed to send traffic and leads to local wedding vendors for free, with XO Group being paid a take-rate by the vendor when a transaction closes. Depending on the category, this take rate was five to ten times the effective take rate of online advertising we believe. Consequently the P4P model had the opportunity to dramatically expand XO Group's TAM, expand margins and accelerate growth.</strong></td> </tr></table>"