Offerpad Solutions price target lowered to $1 from $2.25 at Keefe Bruyette

Keefe Bruyette lowered the firm’s price target on Offerpad Solutions (OPAD) to $1 from $2.25 and keeps a Market Perform rating on the shares. The company’s Q2 revenue guidance was 30% below consensus but the EBITDA guidance was in line, the analyst tells investors in a research note. The firm says Offerpad cited additional cost actions underway to support its path to adjusted EBITDA breakeven. Management also cited continued progress on exploring capital raise options along with restructuring plans in development as a backup, notes Keefe. The firm continues to have a cautious bias on the shares given uncertainty around access to capital and costs.