Citizens JMP downgraded Angi Inc. (ANGI) to Market Perform from Outperform without a price target following a transfer of coverage. The several strategic changes underway have the potential to improve the core fundamentals of Angi’s marketplace, but competition among digital home improvement and maintenance marketplaces has intensified, the analyst tells investors in a research note. The firm says Thumbtack has taken a meaningful share of app monthly active users over the past several years. Citizens awaits greater clarification that Angi’s improvements can drive better financials before becoming more positive on shares.
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