Redfin price target lowered to $7 from $10 at JPMorgan

JPMorgan lowered the firm’s price target on Redfin to $7 from $10 and keeps a Neutral rating on the shares. The Q3 results for the online real estate group and Q4 outlooks were mostly light, with biggest talking points being the macro environment becoming more challenging and the National Association of Realtors lawsuit’s business implications, the analyst tells investors in a research note. The firm says that while Zillow, Redfin, Opendoor and Offerpad executed well on their growth and profit improvement initiatives, the timing of housing market recovery continues to be pushed out, limiting the near-term growth potential of the online real estate names.