Cowen Boosts PT on Zillow (Z) to $37 Following Q2 Results; Affirms at 'Market Perform'
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Analyst Thomas Champion commented today:
The positives this quarter include 1) significantly better than expected Other Real Estate revenue (which includes assets like Streeteasy, Rentals, DotLoop, among others), 2) better 2Q revenue and Adj. EBITDA results and 3) another FY Guidance hike. However, operating metrics were more mixed and we were disappointed Mgmt. didn't give us the Leads number. Also, commentary suggests Leads growth will normalize as the company laps Trulia traffic improvements. Additionally, subs losses worsened again and show no signs of stabilizing.
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