UPDATE: Goldman Sachs Initiates Trulia at Neutral on Competitive Environment
Goldman Sachs initiated Trulia (NYSE: TRLA) with a Neutral rating and a $25 price target.
Goldman Sachs noted, "Trulia is a fast growing online real estate marketplace benefiting from a favorable macro backdrop of improving home sales, and a strong trajectory of both advertiser adoption and pricing. With a product well suited to mobile usage and a pricing structure capturing the value of said usage, the platform shift to mobile is proving accretive to the company, a trend not yet ubiquitous in the Internet sector. With competition strong and the stock trading at 20X 2014 EV/EBITDA, we initiate at Neutral."
Trulia closed at $24.74 on Wednesday.
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