Craig-Hallum lowered the firm’s price target on Zillow Group to $51 from $65 and keeps a Buy rating on the shares. While Q1 results were solid and reflected continued share gains, a rapid spike in interest rates last month threw cold water on the Q2 guide, causing Zillow’s shares to take a breather, the firm notes. Craig-Hallum views this move as a short-term headwind given rate volatility it has witnessed in recent years, and points out the reiteration of FY24’s double-digit growth guidance to support a stabilizing housing market in the second half of 2024.
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