UPDATE: Stifel Nicolaus Raises PT on Angie's List on Strong eCommerce Opportunity

In a report published Friday, Stifel Nicolaus analyst Jordan Rohan reiterated a Buy rating on Angie's List (NASDAQ: ANGI), and raised the price target from $29.00 to $31.00.

In the report, Stifel Nicolaus noted, “We believe the eCommerce opportunity for Angie's List is stronger than investors appreciate. We are increasing revenue estimates to reflect stronger eCommerce and slightly higher origination assumptions while reforecasting our model to better capture service provider originations, renewals and eCommerce contribution margins. Through this analysis, leverage in the business model is becoming increasingly apparent. Our forward profit estimates are appreciably above consensus. We continue to believe Angie's List is a premium, small-cap Internet platform with strategic value and high barriers to entry.”

Angie's List closed on Thursday at $26.54.