UPDATE: Wunderlich Securities Downgrades Angie's List As Changes Are Taking Longer Than Expected To Impact Results

In a report published Thursday, Wunderlich Securities analyst Blake T. Harper downgraded the rating on Angie's List Inc (NASDAQ: ANGI) from Buy to Hold, and lowered the price target from $13.00 to $8.00.

In the report, Wunderlich Securities noted, “We are lowering our rating on Angie's List, Inc. (ANGI) to a Hold from a Buy and lowering our price target to $8 from $13 due to our expected changes in the platform failing to materialize into better financial results. We had upgraded ANGI to a Buy on 6/11/14 based on the premise that the 1) Ecommerce marketplace would be gaining traction along with the new mobile app, 2) sales productivity would improve, and 3) the reach of the platform would expand by lowering the subscription pay wall. We believed these could have improved the company's growth and profitability expectations, but the company has since reported two disappointing quarterly results in a row. Acquisition rumors may have merit but we are lowering our rating given that our thesis on the fundamentals has been wrong.”

Angie's List Inc closed on Wednesday at $6.67.