Citigroup Reiterates Buy Rating, $35 PT on Ancestry.com

In a report published Monday, Citigroup reiterated its Buy rating and $35.00 price target on Ancestry.com

. Citigroup noted, “Per our 10/21 Q3 Earnings Preview, we have long viewed ACOM as an attractive asset, with the key points of our Investment thesis being: 1) Ancestry.com is the leading Online Family History resource site; 2) Ancestry.com faces a significantly under-penetrated market opportunity; 3) ACOM has developed relatively significant barriers to entry; 4) Ancestry.com enjoys the benefits of a subscription-based business model; & 5) ACOM has an increasingly global presence.” Ancestry.com closed on Friday at $29.18.