Why ANGI Homeservices Stock Rose 12% Last Month

Shares of ANGI Homeservices (NASDAQ: ANGI) were gaining last month as the online marketplace for home services continued to benefit from a favorable climate for home improvement, with the pandemic leading to more time spent inside the home. The stock of ANGI Homeservices rallied through the first week of June in response to economic data, including a strong May employment report that showed the economic recovery happening faster than expected. The following week, Oppenheimer raised its price target on ANGI from $10 to $15 after analyst Jason Helfstein said his research showed demand for home improvement increasing by the mid-teens in May, and pointed to a survey from McKinsey that showed 35% of those questioned planned to spend more on home improvement in light of travel and entertainment closures.