Wedbush downgraded Opendoor Technologies to Neutral from Outperform with a price target of $1.70, down from $3.50. The current market has a "dearth" of existing home inventories and tightening credit standards for corporations, while consumer mortgage credit availability has plummeted to levels not seen since 2012, the analyst tells investors in a research note. The firm does not see a catalyst to reverse these headwinds. For Opendoor’s iBuying to thrive, product availability as well as access to financing for the iBuyers and their retail customers are "important ingredients," Wedbush contends. It cites inventory challenges for the downgrade.
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