Raymond James upgraded InfoSpace (INSP

) to strong buy from outperform.

Analyst Mike Latimore says investors have over-reacted to the potential broadening of content relationships at Cingular. He thinks InfoSpace will likely be one of the main vendors of ring tone content to Cingular, even though its exclusive relationship may fade.

Latimore says that, combined with potential incremenal business from additional AT&T subscribers, suggests that InfoSpace could grow its target market in aggregate. Even though Cingular is still working through its strategy, he expects InfoSpace to remain a leading presence there given its successful history at Cingular.