Redfin price target raised to $10 from $5 at RBC Capital

RBC Capital analyst Brad Erickson raised the firm’s price target on Redfin to $10 from $5 but keeps a Sector Perform rating on the shares. The company’s Q4 results topped expectations, and Redfin continues to increasingly point itself towards profitability and cash generation in FY24, the analyst tells investors in a research note. The firm adds however that it needs more confidence in the company’s share gains leading to a faster EBITDA and free cash flow ramp before becoming more constructive on the stock.