Piper Sandler upgraded Zillow Group (ZG) to Overweight from Neutral with a price target of $62, up from $42. The analyst likes the setup for Zillow driven by continued Premier Agent share gains, product optionality and new initiatives, and a bottoming in the housing macro environment with sequential improvements forecast through 2024. For Premier Agent, Street estimates for 2024 look conservative, and for the valuation, Zillow trades at a 25% discount to the 2015-2018 period, the analyst tells investors in a research note.
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