Close

Piper Jaffray Downgrades Angie's List (ANGI) to Neutral

October 23, 2014 8:23 AM EDT
Get Alerts ANGI Hot Sheet
Price: $2.59 +1.57%

Rating Summary:
    16 Buy, 16 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 20 | Down: 14 | New: 22
Join SI Premium – FREE

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.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Downgrades

Related Entities

Piper Jaffray, Gene Munster