LendingTree price target lowered to $65 from $78 at Needham

Needham lowered the firm’s price target on LendingTree (TREE) to $65 from $78 and keeps a Buy rating on the shares. The company’s Q4 results came in above Street expectations on both the top line and EBITDA, as all three segments contributed to the revenue upside driven by improvement in HELOC demand, personal and small business lending, and the ongoing recovery for leads among insurance carriers, the analyst tells investors in a research note. The firm adds however that its reduced price target reflects lower valuations for lead-gen stocks.