Move trades up on bullish Benchmark note

|By:, SA News Editor

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%