Redfin cut to Hold at Truist after 50% stock rally and amid lacking catalysts

Truist analyst Naved Khan downgraded Redfin to Hold from Buy with a price target of $5.50, down from $10, as part of a broader research note on Internet names. The risk/reward on the stock is now balanced following a 50% rally, the analyst tells investors in a research note. Redfin appears to have shaken off the concerns around liquidity that he viewed as being "unwarranted", though he still sees catalyst for the company over the near-term as "lacking" and believes that business would still have to endure headwinds from housing slowdown, Khan adds.