Zillow Group Inc
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Real Estate : Real Estate Management & Development | Mid Cap Blend
Company profile

Zillow Group, Inc. owns and operates a portfolio of real estate brands on mobile applications and Websites. The Company’s segments include Homes, Internet, Media & Technology (IMT), and Mortgages. The Homes segment provides financial results of purchase and sale of homes through Zillow Offers and the financial results from title and escrow services through Zillow Closing Services. The IMT segment includes the financial results for the premier agent, rentals and new construction marketplaces, dotloop, display, and other advertising and business software solutions. The Mortgages segment includes financial results for mortgage originations through Zillow Home Loans, advertising sold to mortgage lenders and other mortgage professionals, as well as Mortech mortgage software solutions. Its affiliates and subsidiaries include Zillow, Zillow Offers, Zillow Premier Agent, Zillow Home Loans, Zillow Homes, Inc., Trulia, Out East, ShowingTime, Bridge Interactive, dotloop, StreetEasy and HotPads.

Day's Change
-0.2325 (-0.54%)
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Today's volume of 181,365 shares is on pace to be much lighter than Z's 10-day average volume of 2,456,766 shares.


Buy Zillow stock now to profit from 'brighter environment' next year, UBS says

9:26 am ET December 3, 2022 (MarketWatch)

By Tomi Kilgore

Analyst Lloyd Walmsley starts coverage of online real-estate company with stock price target implying near 30% upside

Investors should buy Zillow Group Inc. now, UBS says, even if they have to wait a year before the U.S. housing market starts improving.

Analyst Lloyd Walmsley initiated research coverage of the online real estate subsector, saying while he fully expected housing trends to deteriorate in the near term, he was optimistic fundamentals will rebound in 2024.

He started Zillow at buy with a $50 stock price target, which implies about 29% upside from current levels. For UBS, a buy rating means the analyst's forecast stock return (FSR) is greater than 6% above the market return assumption (MSR).

"We see the current period of maximum uncertainty as a good entry point for buy-rated Zillow shares of long-term investors," analyst Lloyd Walmsley wrote in a note to clients.

Zillow's more-active Class C shares (Z)(Z) rose 0.9% to close at $38.68 on Friday, the highest closing price since Aug. 15. It has rocketed 43.4% since closing at a 2 1/2-year low of $26.97 on Oct. 14.

Walmsley's initiation came after data out this week showed that pending home sales in October fell for the fifth-straight month and home prices in September declined for a third-straight month. Data out earlier this month showed that existing home sales retreated for a record ninth-straight month.

"A year from now, we expect to be looking ahead to a brighter environment, with UBS economists expecting interest rates to be on their way down, easy [year-over-year] comparisons and pent-up housing demand," Walmsley wrote.

He said his checks with agents support his belief that Zillow can monetize higher transaction volumes and drive strong revenue growth "on the other side" of the current environment.

Walmsley also initiated coverage of fellow online real-estate company Compass Inc. with a neutral rating, while his $2.75 stock price target implies about 15% downside from current levels.

The stock climbed 1.9% to $3.27.

"We see a balanced risk/reward in our upside and downside scenarios," Walmsley wrote.

He expects the company will achieve free-cash-flow (FCF) breakeven in 2023, but sees longer-term revenue growth as a "show-me" story. The company went public in April 2021, about 10 years after Zillow went public.

Zillow's Class C stock has gained 13.6% over the past three months and Compass shares have rallied 18.9%. But year to date, shares of Zillow have dropped 39.4% and Compass have plunged 64.0%, while the S&P 500 index has lost 14.6%.

-Tomi Kilgore


(END) Dow Jones Newswires

December 03, 2022 09:26 ET (14:26 GMT)

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