RBC Capital analyst Brad Erickson lowered the firm’s price target on Redfin to $5 from $10 and keeps a Sector Perform rating on the shares after its Q3 earnings miss. The analyst also notes that while its Rent/Mortgage businesses are showing signs of improvement and exiting iBuying removes a meaningful overhang, the company’s agent layoffs and attrition are likely to drive worsening market share losses. Erickson further states that Redfin’s core profitability remains in question.
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