UPDATE: Stifel Nicolaus Initiates Angie's List at Buy

Stifel Nicolaus has published a research report on Angie's List

and has initiated coverage on the company with a Buy rating. In the report, Stifel Nicolaus writes, "Angie's List subscribers gain access to reviews and ratings for local contractors and service providers. Angie's List seeks to engender loyalty and create trust among its member base. It can also provide motivation for local contractors to improve services to Angie's List members. Angie's List is early in its growth curve; it has mid single-digit percentage penetration of its U.S. target market of 25 million households. Our subscriber/customer lifetime value and discounted cash flow analysis result in a Buy rating and $21 target price." Stifel Nicolaus has also established a $21 price target on Angie's List, which is currently trading down $1.05 from Friday's $16.10 closing price.