UPDATE: JP Morgan Boosts Care.com Rating
JP Morgan analyst Doug Anmuth released a ratings update Thursday regarding Care.com (NYSE: CRCM), boosting ratings from Neutral to Overweight while lowering price target from $25 to $24.
The report notes, "We believe Care.com is bringing efficiency and scalability to a sizable and largely offline market with material runway to further penetrate within the US and internationally. As the leading global care platform, Care.com is also well positioned to capitalize on parallel opportunities in payments and marketing services. We believe Care.com benefits from multiple growth drivers and should be increasingly scalable over time."
Anmuth defends the ratings boost by highlighting potential catalysts of increased job postings, reuse rate, international exposure and awareness, and an expansion in products and features such as their Employer solutions.
CRCM closed Wednesday at $18.94 and opened Thursday at $19.61.
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