Canaccord Genuity Starts Zillow (Z) at Buy; High Growth and Leverage

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Canaccord Genuity initiates coverage on Zillow (NASDAQ: Z) with a Buy. PT $32.00.

Canaccord analyst, Michael Graham, said, "We believe Zillow is penetrating the real estate vertical with alacrity, and we expect rapid growth and significant operating leverage. We believe there is upside potential to our estimates."

"Zillow trades at a high multiple of 66x our 2012 EPS estimate (or 29x our 2013 estimate). We believe metrics will grow fast enough to justify a higher valuation."

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 $23.13 yesterday, with a 52 week range of $21.22-$60.00.

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