NEW YORK (AP) -- Shares of Angie's List Inc. rose Thursday after a Raymond James analyst upgraded the consumer reviews service with an upbeat view for the start of the year.
The analyst, Aaron Kessler raised his rating on the stock to "Strong Buy" from "Outperform" saying he expects sales productivity and net subscriber growth to improve in early 2014 following a weaker-than-expected third quarter due to declining sales productivity. He added that among consumers, Angie's List remains in a good competitive position.
Angie's List is a subscriber service that provides online access to business ratings and reviews. Its members can review services from dentists, doctors, veterinarians, gardeners, plumbers and other businesses. Its competitors include reviews site Yelp Inc.
Angie's stock rose $1.21, or 8.8 percent, to $14.91 in premarket trading. Kessler's target price on the stock is $23.