Zillow Group price target raised to $30 from $24 at Barclays

Barclays analyst Trevor Young raised the firm’s price target on Zillow Group to $30 from $24 and keeps an Underweight rating on the shares. This real estate cycle may not mirror 2007 through 2009, but with home prices down just 4% from the local peak and 30-year mortgages up 390 basis points from the trough, it "seems premature to call a bottom," the analyst tells investors in a research note. For Zillow, 2023 is a "building" year, and limited visibility on monetization and adoption of new services make fiscal 2024 "challenging to forecast," contends the firm.