UPDATE: RBC Capital Starts LendingTree (TREE) at Outperform

RBC Capital initiated coverage on LendingTree (NASDAQ: TREE) with an Outperform rating and a price target of $150.00. Analyst Mark S. Mahaney thinks LendingTree has a very large and expanding TAM opportunity, and he thinks it is well positioned to capture greater share as U.S. financial institution advertising spend moves online.

"TREE has emerged as one of the leading Online Consumer Finance Marketplaces, based on brand strength and reach with Consumers and its large Lender network. We see TREE addressing a very large TAM, with a business model that has generated consistently robust revenue growth and consistent mid-teens EBITDA margins. We view TREE management team as particularly strong and experienced, with CEO Doug Lebda founding the company almost 20 yrs ago. Finally, we view current valuation as reasonable, based on TREE’s growth and comps. Hence, our Outperform rating," said Mahaney.

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

Shares of LendingTree closed at $124.97 yesterday.

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