Zillow Group initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Zillow Group (ZG, Z) with an Overweight rating and $48 price target. The company’s total addressable market is large at $200B-plus, and it is well positioned to lead industry innovation, take share, and drive double-digit percentage growth, the analyst tells investors in a research note. The firm prefers Zillow’s large scale, business model, and strong margins in the current "volatile" environment.