Zillow Group initiated with a Neutral at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Zillow Group (ZG) with a Neutral rating and $47 price target. The company’s fundamentals should benefit from “some magnitude of real estate recovery” over the next few quarters as mortgage rates come down, the analyst tells investors in a research note. The firm says that while Zillow’s product pipeline is “intriguing,” there are still plenty of open questions on real estate industry commission levels with the operational changes included in the NAR settlement just going live.