UPDATE: Stifel Reiterates on Angie's List Following Slight 3Q Results Miss

In a report published Thursday, Stifel analyst Jordan Rohan reiterated a Buy rating on Angie's List ANGI, but lowered the price target from $31.00 to $25.00. In the report, Stifel noted, “We believe that ANGI shares have begun the bottoming process, but the process may take a while. The quarterly results were adequate, and better than feared. Member growth was not the key issue. Instead, it was a light service provider (advertiser) count, which appears to be due to sales force expansion and productivity issues. Guidance for 4Q came in below prior estimates. Accordingly, our estimates have been trimmed for 4Q and 2014 -- leading to a lower target price of $25, down from $31 prior. Maintain BUY. We believe shares will rally as business model efficiency improves.” Angie's List closed on Wednesday at $15.45.