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Thursday, Jun 13
Morgan Stanley starts Trulia (TRLA -2.2%) at Underweight, leading shares to slump. The coverage...
Morgan Stanley starts Trulia (TRLA -2.2%) at Underweight, leading shares to slump. The coverage launch comes a day after the WSJ took note of the strong YTD performance of Trulia, Zillow (Z +3%), and Move (MOVE +0.9%), aided by a housing recovery and growing online/mobile real estate marketing activity. Internet companies are "waking up to the fact that real estate is still in the stone age technologically and that it presents a big opportunity," says one exec. As the WSJ notes, industry players are responding in part via heavy M&A activity - Zillow has bought 6 companies since 2011.