Wedbush lowered the firm’s price target on Zillow (Z) to $90 from $100 and keeps an Outperform rating on the shares. The firm says that as it expected, Q1 AEBITDA and sales exceeded the Refinitiv consensus estimates. Zillow reiterated the FY25 guidance but offered up Q2 guidance that was below Wedbush’s forecast and consensus. The firm believes a portion of this miss is related to $25M in lead costs related to the Redfin (RDFN) apartment deal that went live earlier this month. The firm also anticipates the mortgage rate volatility in April may have played a role as Zillow had little positive to say about current real estate conditions.
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