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In a note released Thursday, RBC analyst Mark Mahaney downgraded shares of Trulia, Inc.
TLRA from Outperform to Sector Perform and maintained a $45 price target.
Mahaney began by acknowledging the stellar performance of Trulia so far this year as its shares are up 28 percent vs. 6 percent for the S&P 500. However as the stock is now trading near his current price target he does not see "material" upside.
Mahaney wrote, "We continue to believe Trulia should trade at premium multiples to our Internet peer coverage universe in general, but should trade at a discount to market leader, Zillow."
Following the release of the note, shares of Trulia are down about 3 percent hanging just below the $44 mark.
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