Lending Tree (TREE) PT Raised to $300 at Needham & Company on 3Q Report; 'Q3 Outperformance and Upside Q4 Guidance'

Needham & Company raised its price target on Lending Tree (NASDAQ: TREE) to $300.00 (from $250.00) while maintaining a Buy rating, following the company's third quarter earnings report.

Analyst Kerry Rice notes, "LendingTree posted another stellar quarter of performance with beat and raise across the board. Mortgage revenue beat our expectation by 7% with particular strength from purchase revenue which grew 87% y/y, although refinance growth was also solid. Among non-mortgage categories, Credit Card and Home Equity continued their strong growth trends, and Personal Loans also pushed well above our expectations, accelerating growth to 44% vs. 23% in prior quarter. The company provided strong Q4 guidance for both revenue and EBITDA, with low end of guidance exceeding Street estimates. We are raising out estimates and PT to $300 and continue to view LendingTree as one of our top picks."

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