Redfin price target lowered to $8.50 from $10 at DA Davidson

DA Davidson analyst Tom White lowered the firm’s price target on Redfin to $8.50 from $10 and keeps an Underperform rating on the shares. The company’s Q2 results were in line with expectations but the outlook was disappointing, with the management citing share losses related to the recent rounds of agent layoffs, the analyst tells investors in a research note. Redfin no longer expects to achieve adjusted EBITDA profitability for 2023, even though it “does expect to get there over the next 12 months”, the firm adds.