UPDATE: Deutsche Bank Reiterates on Trulia on Strong 1Q Results/Guidance

In a report published Wednesday, Deutsche Bank analyst Lloyd Walmsley reiterated a Buy rating on

, but lowered the price target from $44.00 to $42.00. In the report, Deutsche Bank noted, “We see strong 1Q results and guidance underscoring our view that investors under-appreciate Trulia's solid execution against a compelling opportunity in online RE advertising. Net sub adds crushed our estimates with strength in both core Trulia and at LEDR, while the cross-selling opportunity with LEDR remains in its infancy. The noise in the new consolidated metrics around sub adds, ARPU and opex line items cloud the story slightly but the strong top line and EBITDA beat provide reassurance that the underlying businesses are both performing well. April traffic data was encouraging around the marketing plan and bode well for 2Q. Maintain Buy.” Trulia closed on Tuesday at $32.91.