JP Morgan downgrades visual content network Getty Images (GYI

) to neutral from overweight.

Analyst Paul Coster says the stock trades at about 35.1 times his $2.24 2005 earnings per share estimate, a 50% premium to mean of his coverage universe.

However, the stock trades at a 37% discount to mean for its near peers in the Internet space, which trade at 55.8 times 2005 earnings per share estimates. He notes the stock has outperformed the S&P 500 by over 19% points since Dec. 2004.

Coster says in context of this appreciation and given incremental concerns regarding the dollar/euro exchange rate, acquisition related risks, and emergence of JupiterMedia as a credible competitor, he downgrades.