Zillow Group price target lowered to $57 from $67 at Benchmark

Benchmark lowered the firm’s price target on Zillow Group to $57 from $67 and keeps a Buy rating on the shares. Despite “real progress in rentals,” strong Q3 results and accelerating enhanced market rollouts, Zillow “now must face an uphill battle with not just the lousy housing market,” but also the prospect of a complete revamp of the U.S. realtor model based on the recent court ruling in the Sitzer/Burnett trial, the analyst tells investors. While cutting its price target by $10 to reflect the long-tailed risk to the model, the firm argues that Zillow is “doing everything right within their control.”