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|  | MAY 25, 2004
 WORD ON THE STREET Wachovia Lowers iPayment to Market Perform Analyst David Trossman cites valuation for the provider of credit-card processing services Wachovia downgraded iPayment (iPayment ) to market perform from outperform. Analyst David Trossman says he downgraded given iPayment's recent move to levels above his $35 to $41 valuation range. He says he's not aware of any fundamental news that drove yesterday's move in iPayment. He says iPayment's business of processing credit-card transactions for very small merchants remains very attractive. Still, Trossman thinks the company is in the early stage of its goal of consolidating acquirers of small merchant transactions. He says the stock trades at 12 times EBITDA, and 20 times the free cash flow benchmark, reflecting expectations of continued strong growth. Trossman sees $1.32 2004 EPS and $1.50 in 2005.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
BW MALL
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