Redfin initiated with a Neutral at JPMorgan

JPMorgan analyst Dae Lee initiated coverage of Redfin with a Neutral rating and $8 price target. The analyst likes Redfin as one of the online real estate leaders with opportunities to drive strong growth and expand margins. However, the company’s brokerage model makes navigating through the current volatile environment more challenging, and it has not yet delivered consistent adjusted EBITDA profit, the analyst tells investors in a research note. The firm sees a balanced risk/reward at current share levels.