UPDATE: Piper Jaffray Initiates Angie's List at Overweight on Scalability with Local Commerce Leverage

Piper Jaffray initiated Angie's List

with an Overweight rating and a $25.00 price target. Piper Jaffray noted, "We are initiating coverage with an Overweight rating and a $25 target. Our Overweight rating is based on our belief in revenue and earnings upside. In 2015, we estimate Angie's List will grow revenue at 34% vs. the Street at 25%, and generate $74m in EBITDA vs. Street at $58m. Our $25 target is based on 19x our FY15 EV/EBITDA estimate." Angie's List closed at $17.93 on Wednesday.