Vacasa price target lowered to $2.50 from $5 at Northland

Northland analyst Mike Grondahl lowered the firm’s price target on Vacasa to $2.50 from $5 and keeps an Outperform rating on the shares after the company reported mixed December quarter results and provided weak Q1 and FY2023 guidance, which the firm says is due to reduced investment in the portfolio program, winding down real estate brokerage services, and a reduction in GBV per home. 2023 is "expected to be a transition year," the analyst tells investors.