eXp World price target lowered to $13 from $15 at DA Davidson

DA Davidson analyst Tom White lowered the firm’s price target on eXp World to $13 from $15 and keeps a Neutral rating on the shares. The company’s Q4 results exceeded revenue estimates but were closer to in-lin on adjusted EBITDA and also saw its first sequential decline in agents for the first time in history, the analyst tells investors in a research note. Some degree of the agent decline was self-inflicted, the firm added, stating that it had decided to proactively churn some non-productive/non-responsive agents off the platform.