Zillow (Z) to Benefit as Becomes Important Source of Realtor Leads - Analyst

October 5, 2012 12:49 PM EDT
Get Alerts Z Hot Sheet
Price: $36.60 --0%

Rating Summary:
    8 Buy, 12 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 12
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Benchmark reiterated a Buy rating on Zillow (NASDAQ: Z) with a price target of $44.

Analyst James T. Dobson said "Zillow remains the fastest growing real estate information provider. With a growing base of realtor subscribers, increasing user traffic and a broadening product base, we believe Zillow’s leading position is secure."

Recently Zillow released September traffic data that showed $35 million users, an increase of 44 percent year-over-year. While overall traffic growth has slowed somewhat, Benchmark has a positive view on mobile growth, and the site is the most trafficked real estate destination.

"Because individual realtors do not have applications, they are heavily reliant of Zillow, Realtor.com and Trulia for mobile leads generated by their apps. During July, Zillow homes viewed per second on mobile were 63, up 125% y/y. As mobile gains user share, Zillow's importance to realtors as a source of leads increases," said Dobson.

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

Shares of Zillow closed at $37.48 yesterday.

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