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Angie's List Jumps on Raymond James Upgrade

NEW YORK (The Street) -- Angie's List (ANGI) was surging Thursday, jumping more than 8% to $14.91 on above average volume as the Yelp (YELP) rival received an upgrade from Raymond James. ANGI Chart

Analyst Aaron Kessler bumped up the online consumer review stock to "strong buy" from "outperform," anticipating a pick-up in sales productivity and net subscriber growth this year. Also factored into the decision was good merchant survey results and valuation levels. Kessler has a $23 price target for Angie's List.

Still, a broader look at the market action suggests that a wait and see mode for Angie's list prevails among long-term buyers.

The price action for Angie's List is currently caught between the long-term bears and more medium term bulls, trading below its 200-day moving average of $18.87 but above its 50-day moving average of $13.22.

Optimism about the company is outweighed by deep concerns about its financial standing and business model. Angie's List has been challenged recently with a class-action lawsuit alleging that the company has been misrepresenting its financial statements and information, including sources of revenue generation, leading to an inflated stock price.

-- Written by Andrea Tse in New York.

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