Redfin price target lowered to $2 from $7 at Piper Sandler

Piper Sandler analyst Thomas Champion lowered the firm’s price target on Redfin to $2 from $7 and reiterates an Underweight rating on the shares. The company reported a mixed quarter, with the macro heavily weighing on Real Estate services, and announced the shuttering of the iBuying business, Champion tells investors in a research note. The analyst believes this is the right move long-term and "should help clean up the balance sheet." However, he sees "few quick fixes here" with Real Estate services revenue for Q4 well below estimates.