UPDATE: Benchmark Raises PT on Move on Positive Outlook

In a report published Monday, Benchmark Company analyst Daniel L. Kurnos reiterated a Buy rating on

, and raised the price target from $17.00 to $23.00. In the report, Benchmark Company noted, “We believe Move (MOVE-Buy) continues to gain traction across its entire product suite, with a turnaround in the core Showcase platform leading to stronger optics and improved cash flow growth over the medium- to long-term. Additional opportunities through joint marketing with the NAR, penetration of the commercial market and better monetization of the rental market could all provide incremental upside to already strong growth through TigerLead and Co-Broke. With shares valued at just 3x revenue vs. Zillow (Z-Buy) at 12x and Trulia (TRLA-Not Rated) at 9x, a larger addressable core home sale market, and a willingness to return cash to shareholders, we view Move as the preferred long-term way to play the online housing market. We are raising our price target from $17 to $23 per share based on 3.5x 2014E EV/revenue and reiterating our BUY rating.” Move closed on Friday at $16.57.