Cowen analyst Kevin Kopelman reiterated a Market Perform rating and cut his price target on Angie's List (NASDAQ: ANGI) to $5.00 (from $6.50) after the company's 'big miss' and FY guidance 'punt'.

Kopelman commented, "Results missed expectations on most metrics other than EBITDA loss; member adds were -27% y/y, and SPs declined q/q. Management neither reiterated nor updated its FY guide, which now implies 2H acceleration, punting to Q3. Angie's List continues to focus on its deal marketplace and does not appear to be planning paywall removal, which we view as a better solution. Lowering target to $5 from $6.50."

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Shares of Angie's List closed at $6.07 yesterday.