Opendoor Technologies price target lowered to $1.75 from $2.50 at Citizens JMP

Citizens JMP analyst Nicholas Jones lowered the firm’s price target on Opendoor Technologies (OPEN) to $1.75 from $2.50 and keeps an Outperform rating on the shares. The firm says it would not be surprised to see “more muted” market share gains for Opendoor in the near-term, particularly if existing home transaction volumes continue to face pressure. This could adversely impact the company’s home acquisition cadence and the number of homes sold, the analyst tells investors in a research note. However, Citizens says Opendoor’s ongoing efforts to improve its cost structure position the company well for a return to more durable growth as industry conditions stabilize.