UPDATE: Goldman Sachs Initiates Trulia at Neutral on Competitive Environment

Goldman Sachs initiated Trulia

with a Neutral rating and a $25 price target. Goldman Sachs noted, "Trulia is a fast growing online real estate marketplace benefiting from a favorable macro backdrop of improving home sales, and a strong trajectory of both advertiser adoption and pricing. With a product well suited to mobile usage and a pricing structure capturing the value of said usage, the platform shift to mobile is proving accretive to the company, a trend not yet ubiquitous in the Internet sector. With competition strong and the stock trading at 20X 2014 EV/EBITDA, we initiate at Neutral." Trulia closed at $24.74 on Wednesday.