Gordon Haskett downgrades Opendoor to Underperform on valuation

Gordon Haskett analyst Robert Mollins downgraded Opendoor Technologies to Underperform from Hold with a price target of $3, up from $1.50. The stock is currently trading at a valuation premium to peers despite the company “materially underperforming on the margin front,” the analyst tells investors in a research note. The firm says Opendoor’s lack of free cash flow visibility “creates a risk profile that far exceeds reward.”