Market Overview

UPDATE: Bank of America Downgrades Angie's List as Street EBITDA Estimates are Too High

Related ANGI
Morning Market Losers
Benzinga's Top #PreMarket Losers
Why Angie's List Is a Short (GuruFocus)

In a report published Wednesday, Bank of America analyst Paul Bieber downgraded the rating on Angie's List (NASDAQ: ANGI) from Buy to Neutral, but reiterated the $22.00 price target.

In the report, Bank of America noted, “While we continue to like the Angie's List long term opportunity, we are downgrading Angie's List to Neutral from Buy as: 1) we think 2014/2015 Street EBITDA estimates are too high; 2) shares are up 24% YTD vs. NASD down 0.3% and we expect in-line 4Q results; and 3) shares have limited valuation support in volatile markets given high operating losses. We still think sales force productivity will likely improve in 1H14 (see Bull vs. Bear theses on pg 5). However, we think Street EBITDA estimates may need to come down for sentiment to improve (41% of float short).”

Angie's List closed on Tuesday at $18.12.

Latest Ratings for ANGI

Nov 2015Raymond JamesUpgradesUnderperformMarket Perform
Nov 2015OppenheimerUpgradesOutperform
Jul 2015Northland SecuritiesUpgradesUnderperformMarket Perform

View More Analyst Ratings for ANGI
View the Latest Analyst Ratings

Posted-In: Bank of America Paul BieberAnalyst Color Downgrades Analyst Ratings


Related Articles (ANGI)

View Comments and Join the Discussion!

Get Benzinga's Newsletters