Wunderlich Securities Downgrades Angie's List (ANGI) to Hold Post Q3

Wunderlich Securities downgraded Angie's List (NASDAQ: ANGI) from Buy to Hold with a price target of $8.00 (from $13.00) following Q3 results.

Analyst Blake Harper commented, "We are lowering our rating on Angie's List, Inc. (ANGI) to a Hold from a Buy and lowering our price target to $8 from $13 due to our expected changes in the platform failing to materialize into better financial results. We had upgraded ANGI to a Buy on 6/11/14 based on the premise that the 1) Ecommerce marketplace would be gaining traction along with the new mobile app, 2) sales productivity would improve, and 3) the reach of the platform would expand by lowering the subscription pay wall. We believed these could have improved the company's growth and profitability expectations, but the company has since reported two disappointing quarterly results in a row. Acquisition rumors may have merit but we are lowering our rating given that our thesis on the fundamentals has been wrong."

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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