Keefe Bruyette upgraded Opendoor Technologies (OPEN) to Market Perform from Underperform with a price target of $3.50, up from $1.65. The analyst cites a lack of downside catalysts for the upgrade but admits the firm’s conviction level is low. Looking into 2024, the macro environment will continue to be an important driver for the real estate technology group, the analyst tells investors in a research note. The firm says lower rates and recovering transaction volumes should provide a tailwind to both investor sentiment and fundamentals. Keefe remains very selective with CoStar Group (CSGP) its top pick for 2024, followed by SmartRent (SMRT).
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