UPDATE Piper Jaffray Upgrades HomeAway on Better Pricing Leverage
In a report published on Friday, Piper Jaffray analyst Michael Olson upgraded HomeAway (NASDAQ: AWAY) from Neutral to Overweight and raised the price target from $32.00 to $36.00.
In the report, Piper Jaffray noted, "We surveyed 30 HomeAway vacation rental owners and managers. The results of our survey demonstrated that 1) vacation rental (VR) owner satisfaction with HomeAway's service is high, 2) Driving occupancy during high and low seasons represents the VR owner's No. 1 priority, 3) A large percentage of the HomeAway VR owners do not use HomeAway's value-added booking tools, but are inclined to upgrade (see survey results on pgs 7 9). Owners are receptive to upgrading because it is clear that electing premium tiers drives a disproportionately large "lift" in inquiries and conversion."
HomeAway closed Thursday at $30.19.
Latest Ratings for AWAY
|Aug 2014||UBS||Initiates Coverage on||Buy|
|Jul 2014||Credit Suisse||Maintains||Neutral|
|Jul 2014||Raymond James||Maintains||Strong Buy|
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