Craig-Hallum lowered the firm’s price target on Zillow Group to $48 from $60 and keeps a Buy rating on the shares. News hit midday Tuesday pushing housing stocks lower, Zillow included, saying there was a $2B fine imposed on NAR and others for deceptive practices, leading to endless speculation surrounding the future of the housing industry. In the firm’s view, there are too many unknowns to attempt to predict the ripple effects through the housing sector on a legal decision that will likely be tied up in courts for years. Craig-Hallum also notes that Zillow again delivered strong results and outperformed the sector.
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