BofA analyst Curtis Nagle upgraded Zillow to Buy from Underperform with a price target of $42, up from $22. Nagle believes the real estate market may trough in early 2023 even though fundamentals still remain challenged and is more confident that growth can return to double digits in 2024 on improving affordability, the analyst tells investors in a research note. Zillow’s initiatives, including ShowTime, 3D virtual tours, and increased focus on financing to identify high intent home buyers could lead to higher revenue and conversions, the analyst contends.
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Published first on TheFly
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