ANGI - Angi slips to all-time low as CEO change shows challenges analysts say

Angi ( NASDAQ: ANGI ) is 8% lower and plumbing its new all-time low (at $2.65 per share) following the news that the company is changing chief executives.

Oisin Hanrahan said Monday that he would exit the CEO post and the board effective immediately, and Angi said its chairman (and IAC CEO) Joey Levin would take up the spot .

That's "not a total surprise" considering the challenges the company has faced and continues to face, bullish Truist Securities says. Levin knows the business well, will likely bring a sharpened focus on execution, and that move is a "step in the right direction," the firm says. It has an $11 price target (or 304% upside).

The change shows Angi's turnaround isn't happening as quickly as expected, but "we’d hesitate to read into it any further around the likeliness of a potential material change in near-term biz trends," J.P. Morgan says. It has a $7 price target.

And KeyBanc says while naming Levin is a "modest" positive as it indicates "greater balance between growth and profitability," the unexpected changeover will raise more questions about Angi's health.

For details on the company's last earnings report, check out Hanrahan's commentary in its last earnings call .

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