Bieber likes what he heard during CEO Bill Oesterie's recent BofA/Merrill conference talk, and thinks the company is seeing a better-than-expected response to its new tiered pricing model.
He adds Angie's, dogged recently by growth concerns, is still seeing 20%+ growth in some Midwestern cities, and is once more growing its sales force.
25% of the float was shorted as of May 15. Shares are still down 61% from a 52-week high of $28.32.
BofA/Merrill downgraded Angie's on Feb. 5, when shares were at a much loftier price of $18.85.