UPDATE: Piper Sandler Double Downgrades Redfin Corp. (RDFN) to Underweight, 'Home Wasn't Built in a Day'

Piper Sandler analyst Tom Champion downgraded Redfin Corp. (NASDAQ: RDFN) from Overweight to Underweight with a price target of $11.00 (from $40.00).

The analyst comments "We are downgrading RDFN to Underweight and an $11 PT given: (1) a subdued outlook for housing, (2) model updates which suggest flat to negative Real Estate services growth in '22 & '23 (vs Street at ~9% in '22 and ~16% in '23), and (3) lack of valuation support and recent execution issues. We see few quick fixes. On our lower estimates both near and longer-term, our DCF suggests an $11 PT prompting a downgrade to Underweight from prior Overweight."

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

Shares of Redfin Corp. closed at $13.08 yesterday.

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