Cowen Boosts PT on Zillow (Z) to $37 Following Q2 Results; Affirms at 'Market Perform'

August 5, 2016 7:54 AM EDT
Get Alerts ZG Hot Sheet
Price: $32.72 -3.65%

Rating Summary:
    2 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 23 | New: 30
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Cowen and Company boosts its price target on Market Perform-rated Zillow (Nasdaq: ZG)(Nasdaq: Z) from $29 to $37 following Q2 results on Thursday night.

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.

For an analyst ratings summary and ratings history on Zillow Group click here. For more ratings news on Zillow Group click here.

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