UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Trulia on Strong 4Q Results
In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Trulia (NYSE: TRLA), and raised its price target from $27.00 to $30.00.
Deutsche Bank noted, “Strong sub growth and ARPU increase; Raising target price to $30. Trulia reported strong 4Q results on the top and bottom line. Marketplace strength included strong new sub adds, despite a seasonally slow period, and continued uptake of TMA, which saw a slight reacceleration. Trulia continues to see growth in high-demand zip codes, including in 2nd and 3rd tier cities, helping drive strong desktop price hikes. The company reinvested some upside in S&M in the quarter, but still beat on Adj EBITDA. We increase our estimates and target price on Trulia shares and see continued upside potential in light of the strong macro tailwinds in the US real estate sector.”
Trulia closed on Tuesday at $23.79.
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