Zillow Group price target raised to $58 from $38 at Craig-Hallum

Craig-Hallum analyst Jason Kreyer raised the firm’s price target on Zillow Group to $58 from $38 and keeps a Buy rating on the shares. Just a year into Zillow’s 2025 target for doubling market share the company has already seen "dramatic improvements" in its market positioning, the firm says. Now, new initiatives that should serve as a catalyst for share gains are being rolled out across its four test markets with broader rollouts expected over the course of 2023, Craig-Hallum adds. While its 2025 financial targets may appear a stretch at this point, the firm notes 2022 saw just 5M homes sold, exiting the year at a 4M run-rate. Said differently, real estate transactions could make a +50% move and still only reach historical averages. Because of this, Craig-Hallum continues to see Zillow as an attractive asset given market leadership as well as aggressive objectives in place to gain share, which are bearing fruit thus far.