Piper Sandler upgraded Redfin (RDFN) to Neutral from Underweight with a price target of $12.50, up from $4, after the company entered into an agreement to be bought by Rocket Companies (RKT) in an all-stock transaction for a value of $12.50 per Redfin share, or $1.75B of equity value.
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Read More on RDFN:
- Redfin moved to NO Rating at BofA after Rocket Companies deal
- Redfin downgraded to Neutral from Buy at B. Riley
- Rocket/Redfin deal modest net negative for Zillow for sale unit, says Barclays
- Rocket Companies announces collapse of ‘Up-C’ structure
- BofA sees Redfin deal as continuation of Rocket’s ‘move up the funnel’ strategy