Reviewing HomeAway's Earnings With Credit Suisse

In a report published Friday, Credit Suisse analysts maintained a Neutral rating on

, while reducing the price target from $32 to $31, after the company reported its 1Q15 results. HomeAway reported its 1Q15 revenue and adj. EBITDA at $119.0m and $25.3m, marginally ahead of the consensus and Credit Suisse estimates. The company guided to 2Q15 revenue and adj. EBITDA at $122m-$124m and $22.5m-$23.5m, respectively, while reducing the FY15 figures from $510m- $520m to $493m-$500m and from $122m-$130m to $119m-$123m, respectively. "A combination of platform migration headwinds for Homelidays compounded by a greater incidence of new listings for PPB – which in turn increases the seasonality of the business versus the more straight-line subscription model contrived to set up a more 2H-skewed 2015 for HomeAway." "The departure of COO Brent Bellm whom we associate with the long-term transition from classifieds to marketplaces does introduce the potential for near-term delays as HomeAway shuffles its management bench, but that said we do not believe the company's transformation is necessarily impaired," the analysts added. The adjusted EBITDA and EPS estimates for FY15 have been raised from $497.0m to $498.0m and from $0.73 to $0.74, respectively. The EPS estimate for FY16 has been reduced from $0.87 to $0.86.