NEW YORK (The Street) -- Angie's List (ANGI) was surging Thursday, jumping more than 8% to $14.91 on above average volume as the Yelp (YELP) rival received an upgrade from Raymond James. 
Analyst Aaron Kessler bumped up the online consumer review stock to "strong buy" from "outperform," anticipating a pick-up in sales productivity and net subscriber growth this year. Also factored into the decision was good merchant survey results and valuation levels. Kessler has a $23 price target for Angie's List.
Still, a broader look at the market action suggests that a wait and see mode for Angie's list prevails among long-term buyers.
The price action for Angie's List is current caught between the long-term bears and more medium term bulls, trading below its 200-day moving average of $18.87 but above its 50-day moving average of $13.22. Optimism about the company is outweighed by deep concerns about its financial standing and business model. Angie's List has been challenged recently with a class-action lawsuit alleging that the company has been misrepresenting its financial statements and information, including sources of revenue generation, leading to an inflated stock price. -- Written by Andrea Tse in New York. Follow @atwtse >Contact by Email.
Stock quotes in this article: ANGI
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