David Nierenberg Says Move.com (MOVE) Could Jump Over 500%

Currently, speaking at the Value Investing Congress is David Nierenberg of the D3 Family Funds. He is presenting three ideas: Move.com (Nasdaq: MOVE), Electro-Scientific (Nasdaq: ESIO) and Brooks Automation (Nasdaq: BRKS).

Nierenberg thinks that Move.com could rise as home values recover. Move.com looks ugly because past problems with overpaid management, litigation clean-up, large overhead, former executives jailed and three quarters of their cash was invested in auction rate securities.

In response, D3 Family Funds filed a 13D on Move.com.
Nierenberg expects real estate advertising to migrate to the internet, trend accelerating in real estate downtown. Additionally, he expects Move.com's margins to increase and auction-rate securities settlement by '09.

Ultimately, Nierenberg thinks home prices will recover. He expects G&A to be reduced $60 million annually.

Nierenberg's price target on Move.com is $10, or 6x where it is today.

Move Inc. is an online network of Websites for real estate search, finance, moving and home enthusiasts.
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