UPDATE: JP Morgan Dowgrades HomeAway On Increased Marketing Spend - Amplify ETF Trust Amplify Travel Tech ETF (ARCA:AWAY)

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In a report published Thursday, JP Morgan analyst Doug Anmuth downgraded shares of

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HomeAway

(NASDAQ: AWAY) from Overweight to Neutral and lowered the price target from $49.00 to $38.00.Anmuth remarked that he moved to the sidelines as the company increases marketing spend.The analyst commented that his downgrade is “based on increased likelihood of greater marketing spend and downward guidance revision during the upcoming Q2 earnings conference call. We believe increasing marketing spend is appropriate to grow the PPB business and we are also encouraged by healthy renewal rates and strong subscription pricing growth, but we believe visibility will be limited in the near-term and return on marketing spend could take some time.”Shares of HomeAway closed at $31.20 on Wednesday. The stock is currently trading down 2.88 percent in Thursday's pre-market trading.