Oppenheimer downgraded 24/7 Real Media (TFSM

) to neutral from buy, citing the stock's valuation.

Analyst Sasa Zorovic says the stock closed yesterday at $11.61, surpassing his $11 12-month target. He believes the company remains very well positioned to take advantage of ongoing growth in display advertising as well as search engine marketing, particularly internationally. But he thinks the current stock price limits further upside over the short- and intermediate-term.