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Angi Inc. (NASDAQ:ANGI) shares are trading higher today. JMP Securities analyst Nicholas Jones initiated coverage at Market Outperform and a price target of $3.25.
The analyst states that ANGI maintains a leading position in home maintenance, repair, and renovation.
They expect the company to resume growing its market share beginning in 2025, leveraging improved monetization efforts as service requests increase.
Jones writes that they see significant long-term trends favoring the company, including aging homes and affordability considerations motivating homeowners to renovate rather than relocate.
However, ANGI is also in the initial phases of expanding internationally. In 2023, it achieved approximately $116 million in international revenue, constituting 8.5% of its total revenue, with nearly 70% of web traffic originating from the U.S., says the analyst.
By 2026, Jones project that ANGI’s international segment will account for 11.5% of its total revenue, with ample potential for further expansion in the subsequent years.
Investors can gain exposure to the stock via Global X Millennial Consumer ETF (NASDAQ:MILN) and Global X E-Commerce ETF (NASDAQ:EBIZ).
Price Action: ANGI shares are up 6.4% at $1.99 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Unsplash/ Jed Owen
