UPDATE: Bank Of America Upgrades HomeAway On Reasonable Valuation

In a report published Tuesday, Bank of America analyst Nat Schindler upgraded the rating on

from Underperform to Neutral, and reiterated the $32.00 price target. In the report, Bank of America noted, “HomeAway (AWAY) is currently trading below 20x free cash flow + cash per share, which in our opinion, is a reasonable valuation given its history of consistent cash flow. In addition, there are potential catalysts from the Expedia partnership and paid per booking growth that may enhance value, so we are upgrading HomeAway from Underperform to Neutral.” HomeAway closed on Monday at $28.91.