Zillow Group initiated with a Buy at Citi

Citi analyst Ronald Josey initiated coverage of Zillow Group with a Buy rating and $50 price target. The analyst launched coverage of seven internet companies across his existing marketplaces space. His core thesis across the internet sector continues to revolve around growing engagement via newer products and services. Josey sees "multiple growth vectors" ahead across most every internet vertical but recognizes the macro uncertainty. He continues to favor those companies "that are leaders in their respective categories, are innovative, and deliver improving margins and profitability."