Opendoor Technologies price target lowered to $3.50 from $5.00 at JMP Securities

JMP Securities lowered the firm’s price target on Opendoor Technologies to $3.50 from $5.00 and keeps an Outperform rating on the shares. Opendoor’s Q3 results were mixed, with revenue slightly below consensus and adjusted EBITDA and contribution profit coming in above the Street, the analyst tells investors in a research note. Guidance for Q4 was also softer than expected, but JMP remains encouraged by the performance of Opendoor’s new book, which achieved a contribution margin of 9.2% in Q3.