Piper Sandler raised the firm’s price target on Zillow Group to $70 from $58 and keeps an Overweight rating on the shares. Zillow is the firm’s top Wave 2 pick into earnings. Fannie Mae 2024 and 2025 EHS estimates continue to move higher, which makes Street share gains estimates look too conservative, Piper says. At 9% penetration, Listings Showcase could boost Street 2025 revenue by $200M or 9%. Followup Boss should be fully in the 2024 model and could add another $80M in revenue, the firm adds. Based on its work, Piper says Real-time Touring is now rolled out to 90+ markets from just a handful at mid-year. Rentals continue to look strong.
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