As previously reported, Evercore ISI analyst Mark Mahaney upgraded Zillow Group to Outperform from In Line with a price target of $61, up from $34, citing five "key factors." On a macro level, the firm anticipates Q1 being the trough quarter for residential real estate in terms of existing homes sales and home prices. Given this view, Evercore would anticipate top-line trends for Zillow starting to positively inflect in Q2. In terms of its other three factors, the firm believes Zillow should fully participate in the real estate market recovery; product initiatives and offerings that Zillow has invested in could potentially set up Zillow for stronger growth and profitability; and the firm still sees "reasonable" valuation upside from current levels with the shares about 78% off their 2021 high.
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