Wunderlich Likes Angie's List's Latest Mobile App
Angie's List Inc (NASDAQ: ANGI) latest mobile app could help drive its stock price higher, an analyst said Monday.
Shares of the company traded recently at $6.09, up 4.5 percent. But the stock has lost a quarter of its value during the past three months on a string of disappointing earnings reports.
Angie's List's relative lack of business flowing from mobile computing has "allowed many potential customers to end up on competitors' platforms," Wunderlich's Black T. Harper said in a note Monday, maintaining a Hold rating and $8 target.
Two weeks ago, the company launched the latest version of its mobile app, which Harper called "the best version of a mobile experience the company has ever created."
Harper said more investment is required for the segment, but expects "the company's success to be tied to its mobile experience."
A further key for the company, Harper said, is to shift revenue dependence toward transactions through its "shop local services" feature, and away from subscriptions.
Despite Harper's Hold rating, the analyst said an expected 18 percent revenue growth for the fourth quarter suggests Angie's List stock could gain in value.
Angie's got a black eye last year when Consumer Reports raised conflict-of-interest questions concerning advertisers and reviews appearing on the site.
Latest Ratings for ANGI
|Aug 2016||Raymond James||Upgrades||Market Perform||Outperform|
|Aug 2016||Loop Capital||Initiates Coverage on||Buy|
|Jan 2016||Roth Capital||Initiates Coverage on||Neutral|
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