UPDATE: J.P. Morgan Lowers HomeAway's PT

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According to a research report published this morning, J.P. Morgan has decreased HomeAway's
AWAY
PT from $32 to $30. In the report, J.P. Morgan said, "HomeAway reported an in-line 1Q with 23% revenue growth driven by strength in new listings and a growing contribution from Other revenue. Guidance was slightly disappointing, with no real change to organic revenue. Shares could trade off on the light outlook, and while we are lowering our PT from $32 to $30, we continue to believe HomeAway is on track with the integration of several product initiatives that will drive upside to Listings revenue late this year and into 2013, including the transition of VRBO onto the global platform." J.P. Morgan maintains its Overweight rating on HomeAway, which is currently trading at $24.77.
Posted In: Analyst ColorPrice TargetAnalyst RatingsJ.P. Morgan
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