Compass price target raised to $8 from $6 at Oppenheimer

Oppenheimer raised the firm’s price target on Compass to $8 from $6 and keeps an Outperform rating on the shares. The firm cites higher 2024 share gains and the beginning of the Fed cut cycle. Despite U.S. July/August existing homes slightly weaker than Oppenheimer’s estimate, its Q3 estimates are unchanged, suggesting 31bps of organic share gains vs. prior 20bps. The firm is also increasing Q4 transactions 8%, implying 21bps of organic share gains vs prior -14bps.