Zillow Group, Inc. (NASDAQ:Z) shares are trading higher after Wedbush upgraded the stock from Neutral to Outperform and raised its price target from $50 to $80.
The analyst Jay McCanless writes they see a potential boost from lower mortgage rates for Zillow’s core brokerage business.
The S&S revenues, included in the Residential revenue line, have contributed to faster revenue growth compared to the national existing home market in recent quarters, adds the analyst.
McCanless maintained third-quarter estimates, which are at the high end of Zillow’s guidance for AEBITDA and revenue, as lower rates may not benefit buyers until the ...
