MKM Partners Downgrades Angie's List (ANGI) to Neutral

MKM Partners downgraded Angie's List (NASDAQ: ANGI) from Buy to Neutral with a price target of $8.00.

Analyst Rob Sanderson said, "While the stock has already been highly disappointing, we think there is a multiquarter transition period ahead. Our expectation for revenue and profit ramp has also pushed out meaningfully. Our initiation with a Buy recommendation amidst extreme controversy and stock price weakness has turned out to be an ill advised call. We still believe ANGI is attacking a large and underserved opportunity, but best case for shareholders is a lengthy "show-me" period with meaningful risk. While valuation already reflects this, we are downgrading to Neutral and establishing a fair value estimate of $8 per share and admitting to the mistake of trying to "catch a falling knife" amidst great controversy."

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 $10.17 yesterday.

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