UPDATE: J.P. Morgan Upgrades Trulia to Overweight on Strong Subscriber Growth

In a report published Wednesday, J.P. Morgan analyst Doug Anmuth upgraded the rating on Trulia

from Neutral to Overweight, and raised the price target from $34.00 to $41.00. In the report, Anmuth noted, “Trulia shares have appreciated nearly 80% YTD, but we think there's still material upside driven by strong increases in agent subscribers and ARPU, and expanded inventory which should roll out on both desktop and mobile by year-end. Trulia should also benefit against the backdrop of an improving housing environment. 1Q13 results were strong across both Marketplace and Media, as was the outlook for 2Q13. Importantly, Trulia's second straight quarter of strong results gives us increased confidence in the company's ability to grow both agents and ARPU, and we believe that increasing the number of paid agents on property detail pages will enable Trulia to offer previously sold-out inventory.” Trulia closed on Tuesday at $29.06.