BTIG downgraded Opendoor Technologies to Neutral from Buy after the stock topped the firm’s prior price target of $3.50. To justify a Buy from here would require the firm to discount 50,000-plua in home sales by 2026, which is “outside of our comfort zone,” the analyst tells investors. Opendoor is re-ramping overhead as it gears up to accelerate purchase activity, but the ability to ramp remains uncertain in a still tough housing market backdrop, says the firm, which has dialed back 2024-2025 estimates.
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