- Move (MOVE +1.9%) shares trade up after Benchmark hikes its PT to $23 ($17 previous) and reiterates a Buy rating.
- Daniel Kurnos believes the online real estate site operator "continues to gain traction across its entire product suite, with a turnaround in the core Showcase platform leading to stronger optics and improved cash flow growth over the medium- to long-term." And the company's margins stand to benefit on the back of an improving SaaS segment.
- Growth could strengthen further through joint marketing with the National Association of Realtors, penetration of the commercial market, and better monetization of the rental space, Kurnos notes.
- With shares trading at 3x revenue vs. Zillow's 12x and Trulia's 9x multiples, Benchmark views Move as the "preferred long-term way to play the online housing market."
- Meanwhile, Trulia -0.7%, Zillow -2.1%
Move trades up on bullish Benchmark note
Sep 30 2013, 11:34 ET