UPDATE: Barrington Research Upgrades Angie's List at Outperform on Favorable Growth Outlook

Barrington Research raised its rating on Angie's List

from Market Perform to Outperform and introduced a $13 price target. Barrington Research commented, "We like Angie's revenue visibility, differentiated offering, ability to increase advertising prices, and operating leverage potential. The company's first cohort of territories demonstrates its ability to achieve newer-cohort profitability, in our view. … Angie targets 25 million U.S. households that are affluent, educated, busy, and have more money than time. We expect its 6% penetration rate to increase to 15-20% over time. Likewise, only 33,209 (3%) of the 1 million service providers with Angie reviews have inked advertising contracts." Angie's List closed at $9.09 on Wednesday.