Piper Jaffray downgraded Angie's List (NASDAQ: ANGI) from Overweight to Neutral with a price target of $7.00 (from $12.00).

Analyst Gene Munster comments, "Angie's list reported September results that suggest the company fundamentals continue to be challenged. Some specifics of the challenged fundamentals including net member adds down 33% y/y compared to flat in the June quarter, membership revenue/sub down 7% sequentially/16% y/y, and net service provider adds down 62% y/y. The company guided December revenue 3% below the Street, which is magnified given the company has guided below the Street 5 out of the past 6 quarters. Shares are down dramatically over the past 6 months. We believe a Neutral rating is more appropriate and we look to be more constructive once more has been established in the fundamentals."

The firm moved FY 2014 EPS from ($0.34) to ($0.31) and FY 2015 EPS from $0.22 to $0.07.

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.