Zillow Group price target raised to $82 from $80 at Piper Sandler

Piper Sandler raised the firm’s price target on Zillow (Z) Group (ZG) to $82 from $80 and keeps an Overweight rating on the shares. The firm notes Q1 results met expectations with Q1 revenues 2% ahead of forecast and EBITDA +8%. The housing market remains subdued, but Zillow is executing on its product initiatives, cutting debt, buying back stock and should be GAAP net income profitable by year-end, Piper adds. Rentals is a bright spot and normalized housing still looms on the horizon.