Angi Inc. price target lowered to $3 from $3.25 at JMP Securities

JMP Securities lowered the firm’s price target on Angi Inc. (ANGI) to $3 from $3.25 and keeps an Outperform rating on the shares. Angi reported solid Q3 results, with revenue in line with consensus estimates and adjusted EBITDA above the Street, while management raised its 2024 outlook for both operating income and adjusted EBITDA, though noted top-line declines in Q4 would be similar to Q3, the analyst tells investors in a research note. Management also commented that 1Q25 revenue declines will be similar to 3Q24 and 4Q24, with a return to full-year growth expected in 2026, with consensus previously modeling growth in 2025. JMP looks for Angi to turn the corner on top-line growth as industry challenges subside, while continuing to deliver improving leverage on operating costs, and is encouraged by ongoing improvements in monetized transactions per service request and Angi’s plan to consolidate its go-to-market with Ads Pro and Leads Pro.