Nothing about Zillow short report ‘seemed incremental,’ says RBC Capital

RBC Capital commented on a short report published on Zillow calling for 40%-60% downside in the stock and calling out concerns around user mind share, questionable product initiatives, aggressive accounting, regulatory risk, competitive risk and unfavorable governance. The analyst, who contends “nothing about the report seemed incremental,” adds that “we found ourselves actually agreeing with several aspects of the report,” but say it is “unclear to us whether some of those points are material or will matter for the stock at some point.” RBC maintains an Outperform rating and $66 price target on Zillow shares.