Seeking Alpha

Move trades up on bullish Benchmark note

  • 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%
 
Comments (1)
  • Valuable Insights
    , contributor
    Comments (485) | Send Message
     
    We are long $MOVE short $Z - recommended $MOVE at $13.76 http://bit.ly/17lLhA0 - also currently long pairs of long $CAMP short $FLTX and long $IMOS and $MU short $INTC and $AAPL
    30 Sep 2013, 11:42 AM Reply Like
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