Redfin price target lowered to $8 from $10.50 at Citi

Citi analyst Ygal Arounian lowered the firm’s price target on Redfin to $8 from $10.50 and keeps a Neutral rating on the shares. Redfin reported in-line Q4 result but with a Q1 EBITDA outlook below expectations as its mid-year profitability target now looks less certain, driven by a still challenging macro environment, the analyst tells investors in a research note. The macro remains the primary overhang with rates spiking back to 7%, leaving management more cautious it can achieve the revenue needed to hit its adjusted EBITDA profitability target in Q2, says Citi.