UPDATE: CRT Capital Initiates Coverage on Trulia

On Friday, CRT Capital initiated coverage on Trulia (NYSE: TRLA) with a Fair Value rating and $37 price target.

Analyst Neil Doshi views the company as “a strong number-two player in the online real estate category” after Zillow due to Zillow's “share of voice” lead and its “position as a principle in Mortgages and Rentals.”

Trulia's early test results from planned foray into brand marketing in 2014 have been “promising,” but could carry “significant risks.”

The $37 price target is based on 32x 2015 EBITDA forecast of $42 million. The price target is 13 percent above current levels.

Shares are trading lower 3.3 percent to $32.71 in Friday's trading, while shares of Zillow are down 3.9 percent to $89.89.