UPDATE: Wunderlich Securities Upgrades Angie's List to Buy, Reiterates $15 PT on Improving Trends and Sales Productivity

In a report published Wednesday, Wunderlich Securities analyst Blake T. Harper upgraded the rating on

from Hold to Buy, and reiterated the $15.00 price target. In the report, Wunderlich Securities noted, “We are upgrading Angie's List (ANGI) to a Buy from a Hold given expected improving sales productivity, traction with the ecommerce marketplace, and the rollout of tiered pricing to all markets. We are also encouraged by the company's plans to focus on deeper content within vertical segments, providing more end to end "concierge" type of solutions with its ecommerce deals and opening them up to non-members. We would expect sentiment and profitability to improve if the company is able to implement productivity gains with its sales force while still increasing member penetration in its older cohorts; we believe the stock could trade closer to our price target of $15, which is based on our DCF and represents 2x EV/S on our FY 15 estimates.” Angie's List closed on Tuesday at $11.49.