RBC Capital raised the firm’s price target on Zillow Group to $66 from $60 and keeps an Outperform rating on the shares. The firm’s latest Premier Agent checks suggest an improving real estate market driving agent optimism and potential inflection in spending trends into Q1 and the first half of the year after largely bottoming out in Q4, the analyst tells investors in a research note. RBC adds that Zillow’s recent Follow Up Boss acquisition in the agent CRM space saw particularly positive feedback among agents and was viewed as best-in-class, with strong connectivity to the major ad platforms.
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