Real estate marketplace, Zillow Group (NASDAQ: ZG) gained in pre-market trading at the time of writing on Tuesday after Piper Sandler analyst Thomas Champion upgraded the stock to a Buy from a Hold and raised the price target to $62 from $42, implying an upside potential of 33.1% at current levels.
The analyst is upbeat about Zillow’s Premier Agent offering and its recent share gains, product optionality, and the company’s new initiatives. Champion also believes that the company will stand to benefit as the housing macro environment has bottomed out with sequential improvements forecasted through next year.
Analysts are cautiously optimistic about ZG stock with a Moderate Buy consensus rating based on 10 Buys, 11 Holds, and one Sell.
