Spruce Point Capital Management issued a report entitled “Zillow’s Sinking Foundation” that outlines why the firm believes shares of Zillow Group face up to 40% to 60% long-term downside risk, or approximately $23.00-$35.00 per share. Spruce Point believes Zillow is a “mature business under increasing pressures with recent failed growth initiatives that illustrate management is incapable of innovating and delivering on goals as Zillow quietly retracts 2025 revenue targets,” the firm tells investors.
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