Trulia (TRLA) PT Raised to $40 at Goldman Sachs

Goldman Sachs maintained a Neutral rating on Trulia (NYSE: TRLA) and increased its price target to $40.00 (from $39.00).

Analyst Debra Schwartz said, "Trulia reported 1Q revenue of $54.5mn, +127% yoy or 48% on a pro forma basis by our estimate. Results were above our estimate of $53.8mn. Adjusted EBITDA was $2.8mn (5.1% margins vs. 15.3% in 4Q). The company continues to outperform top-line results with both marketing and product investment driving user and agent growth. Management is reinvesting the upside in product, and remains comfortable with $45 mn in marketing for the year. With the stock trading at 21X 2015 EBITDA vs. the sector at 12X on higher sales growth, we view expectations for the marketing campaign as priced in and remain Neutral."

For an analyst ratings summary and ratings history on Trulia click here. For more ratings news on Trulia click here.

Shares of Trulia closed at $32.91 yesterday.

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