DA Davidson lowered the firm’s price target on Zillow Group to $52 from $63 and keeps a Buy rating on the shares. The company delivered a broad-based Q1 beat but its Q2 guidance was soft, with implied sequential revenue decline for the Residential segment that was attributed to Premier Agents’ reaction to the sudden recent spike in mortgage rates as well as underperformance in first-time homebuyers’ activity, the analyst tells investors in a research note.
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