Piper Jaffray Downgrades Angie's List (ANGI) to Neutral
Get Alerts ANGI Hot Sheet
Rating Summary:
16 Buy, 16 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
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Piper Jaffray downgraded Angie's List (NASDAQ: ANGI) from Overweight to Neutral with a price target of $7.00 (from $12.00).
Analyst Gene Munster comments, "Angie's list reported September results that suggest the company fundamentals continue to be challenged. Some specifics of the challenged fundamentals including net member adds down 33% y/y compared to flat in the June quarter, membership revenue/sub down 7% sequentially/16% y/y, and net service provider adds down 62% y/y. The company guided December revenue 3% below the Street, which is magnified given the company has guided below the Street 5 out of the past 6 quarters. Shares are down dramatically over the past 6 months. We believe a Neutral rating is more appropriate and we look to be more constructive once more has been established in the fundamentals."
The firm moved FY 2014 EPS from ($0.34) to ($0.31) and FY 2015 EPS from $0.22 to $0.07.
For an analyst ratings summary and ratings history on Angie's List click here. For more ratings news on Angie's List click here.
Shares of Angie's List closed at $6.67 yesterday.
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