UPDATE: Stifel Nicolaus Upgrades HomeAway to Buy on Product Cycle Catalysts and Competitive Advantage

Stifel Nicolaus raises its rating on HomeAway AWAY from Hold to Buy and introduces a $26 price target on shares. Stifel Nicolaus notes, "HomeAway is on the cusp of several new products cycles which we expect to drive higher ARPL growth and expand the company's value proposition and competitive advantage. We expect the experience of booking an online rental of a vacation property to be comparable to the online booking of a hotel room in about two years." AWAY closed at $20.48 on Tuesday.