ANGI HomeServices (ANGI) PT Lowered to $2.75 at RBC Capital

RBC Capital analyst Brad Erickson lowered the price target on ANGI HomeServices (NASDAQ: ANGI) to $2.75 (from $3.25) while maintaining a Sector Perform rating.

The analyst comments "ANGI's Q3 was mixed, but it came with announcement that IAC management is exploring spinning ANGI out from IAC's current ~85% ownership, which won't incite confidence in the business's ability to turn the corner on declining revenues. Lowering our estimates & target goes to $2.75; reiterate Sector Perform. The company's progress on its traffic acquisition, job quality and service provider retention continues to be solid, however, we continue needing better visibility in a clearer, and more pronounced turnaround before getting more constructive with our rating."

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