Zillow Group price target lowered to $48 from $62 at DA Davidson

DA Davidson lowered the firm’s price target on Zillow Group to $48 from $62 and keeps a Buy rating on the shares. The company’s Q3 results were ahead of expectations but Q4 guidance was below, and the firm is also reducing its 2024 revenue/EBITDA estimates by about 1% due to the recent rise in mortgage rates and presumed weaker transaction close rates exiting this year, the analyst tells investors in a research note.