Citi analyst Ronald Josey reiterated a Buy rating on Zillow Group Class A yesterday and set a price target of $100.00.
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Ronald Josey has given his Buy rating due to a combination of factors related to Zillow Group’s strategic position and market dynamics. Despite the FTC lawsuit against Zillow’s partnership with Redfin, which alleges an illegal agreement to consolidate the ILS market for rentals, Josey sees potential in Zillow’s expanded reach in the multifamily rental listings market. This partnership has allowed Zillow to become the exclusive provider of multifamily rental listings across Redfin’s platforms, significantly increasing its market presence.
Moreover, Zillow’s multifamily rental listings, which are priced competitively, indicate a strategic move to capture more market share. With 36 million average monthly rental unique visitors and a substantial portion of U.S. multifamily properties listed, Zillow’s scale in the market is evident. These factors, combined with a projected share price return of 34.3%, support Josey’s Buy rating and a target price of $100.
In another report released yesterday, Mizuho Securities also initiated coverage with a Buy rating on the stock with a $100.00 price target.