UPDATE: Monness Crespi Hardt Upgrades HomeAway on Multiple Positive Factors
In a report published Thursday, Monness Crespi Hardt analyst Bill Lennan upgraded the rating on HomeAway (NASDAQ: AWAY) from Sell to Neutral.
In the report, Monness Crespi Hardt noted, “We are upgrading AWAY shares to Neutral from Sell because: 1) in the past two quarters we have not seen the degradation in deferred revenue we expected. 2) Management's tone on Pay-per-booking has shifted to positive. On the Q2 (June) conference call, management talked down the Street's PPB expectations; on the Q3 call, management talked up PPB while remaining vague on the financial contribution of the product; 3) weak Q4 guidance was trumped by PPB optimism.”
HomeAway closed on Wednesday at $29.09.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.