ZipRecruiter initiated with a Sector Weight at KeyBanc

KeyBanc initiated coverage of ZipRecruiter with a Sector Weight rating and no price target. While encouraged by the company’s expense controls and seeing ZipRecruiter as a long-term share gainer, the analyst believes current macro conditions elevate risk to estimates in the near term. ZipRecruiter’s valuation multiple is unlikely to expand until its paid employers inflect, the analyst tells investors in a research note.