Zillow Group upgraded to Market Perform from Underperform at Bernstein

Bernstein analyst Nikhil Devnani upgraded Zillow Group to Market Perform from Underperform with a price target of $45, up from $35. Consensus estimates have been cut substantially since last May, which puts Bernstein’s numbers more in-line with the Street, the analyst tells investors in a research note. With compares easing, the core Internet, Media, and Technology and Premier Agent businesses may have already bottomed, "which leaves room to be optimistic," says the firm. However, Bernstein is unsure what the shape of the recovery curve will look like with mortgage rates at 6%-plus. The revenue outlook "is not entirely de-risked nor is the stock all that cheap," it writes.