Redfin Corp. (RDFN) PT Raised to $45 at Oppenheimer

Oppenheimer analyst Jason Helfstein raised the price target on Redfin Corp. (NASDAQ: RDFN) to $45.00 (from $27.00) while maintaining a Outperform rating.

The analyst commented, "Increasing target to $45 (was $27) and maintaining Outperform rating as RDFN continues to make progress disrupting real estate services. 2Q core results above expectations on faster rebound in transactions, with 3Q outlook highlighting strong macro backdrop. Supply constraints weighing on near-term (more demand than listings), but mgmt. intends to hire into FY21 to generate more listings and regain market share gain cadence, slowing near-term gross margin gains. We remain positive on the long-term outlook for real-estate gross margins, as increased digital product protfolio and tools would make agents/brokers more efficient. Mgmt. expects mortgages segment revenue to continue to ramp aggressively, which we see providing additional upside to consolidated GP in outer years."

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