UPDATE: J.P. Morgan Initiates Coverage on Trulia with Neutral Rating, $24 PT

In a report published Monday, J.P. Morgan & Co. initiated coverage on Trulia

with a Neutral rating and $24.00 price target. J.P. Morgan noted, “We are initiating coverage of Trulia with a Neutral rating and year-end 2013 price target of $24. We believe the company's product platform and attractive agent ROI proposition—along with tailwinds from the secular shift online and a possible housing recovery—position it to significantly improve monetization and profitability over the next few years. However, we believe competitive dynamics in the online real estate space will likely intensify, potentially creating the need for increased investment, and Trulia shares are approaching fair valuation in our view.” Trulia closed on Friday at $23.12.