B. Riley last night initiated coverage of Redfin with a Neutral rating and $8 price target. The analyst views Redfin’s tech-enabled, low-cost, end-to-end offering as a secular share gainer in a largely traditional category over the intermediate to long term. However, the firm finds the company’s near-term catalysts lacking, given the prevailing headwinds from higher rates, the slowdown in housing, and macro uncertainty.
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