Angie's List Jumps 14.38% Following Raymond James Upgrade
Raymond James analyst Aaron Kessler upgraded Angie's List (NASDAQ: ANGI) from Outperform to Strong Buy and maintained a $23.00 price target.
Kessler expects sales productivity and net ads to improve in early 2014. The analyst added that management indicated that recent slowdown in service provider (SP) additions was due to sales compensation changes rather than a SP churn issue. Raymond James also commented on the recent consumer survey which indicated that Angie's List remains well positioned competitively.
The analyst reported that Angie's List valuation remains attractive versus it's peers.
Angie's List closed at $13.70 on Wednesday. Shares gained 9.5% in pre-market trading and have traded as high as $15.67, up 14.38%.
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