UPDATE: Bank of America Upgrades Angie's List; Lowers PO

According to a research report published this morning, Bank of America has upgraded Angie's List

from Neutral to Buy, and lowered PO from $20 to $18. In the report, Bank of America mentioned, "We believe AL is in the early stages of realizing the benefits of a strengthening network effect that should contribute to 25%+ growth for 4-5 yrs, and profits by 2014. Updated subscriber cohort data is increasingly supporting a 15%+ subscriber penetration thesis (up from 4% today), our new survey work highlights the strong value of AL for advertisers, and accretive eCommerce initiatives are beginning to be material. Also, with the stock down 23% YTD (vs. Nasdaq +9) and with ~50% upside potential to our PO, the stock is more attractively valued." Angie's List closed yesterday at $12.11.