ANGI - ANGI Homeservices: Facing Tough Competition From Strong-Moat Players
Overview
In Q2, ANGI Homeservices (ANGI) cut its full-year EBITDA guidance to $200 million-$230 million, from a previous $280 million-$300 million. Having seen the shares traded downwards by almost -30% post the announcement, we feel that the market might be pricing in more than just an execution issue, which is what the company claimed to be the major culprit. We believe it is advisable to maintain a neutral position on the stock today and review the position at Q1 next year. The possible bullish scenario here would be a potential takeover from