ZipRecruiter initiated with a Neutral at UBS

UBS initiated coverage of ZipRecruiter with a Neutral rating and $13 price target. The firm says ZipRecruiter’s revenues are almost perfectly correlated with job listings, which continues to decline. UBS is projecting positive revenue growth starting only in the second half of 2024. The analyst’s gross profit expectations through 2025 are in line with the Street and market expectations.