UPDATE: Barrington Research Initiates Angie's List at Market Perform on Cash Burn

Barrington Research initiated coverage on Angie's List (NASDAQ: ANGI) with a Market Perform rating as great fundamentals are offset by cash burn concerns. Barrington Research said, "We like Angie's 17 year track record, revenue visibility, differentiated offering, ability to increase advertising prices, and operating leverage potential. But, we worry that Angie could be forced into premature profitability as it burns through cash and is unable to raise more (without significant dilution) given its depressed stock price. Despite the recent social-media sell-off (which may discount our concern), we are initiating with a MARKET PERFORM investment rating as the stock could be range bound until there is some clarity around this issue; at which point we will revisit our rating."Angie's List closed at $9.69 on Friday.