Susquehanna Starts Zillow (Z) at Positive

Susquehanna initiates coverage on Zillow (NASDAQ: Z) with a Positive rating and a price target of $115.00.

Analyst Brian Nowak calls the stock a category leader in a concentrated category. "Z's leadership in traffic, agent leads, conversion and agent count position it to continue to drive -- and stay on top of -- the online real estate market. We see ample agent runway too, as our market-sizing of top-earning agents shows that Z is only 18% penetrated, going to 45% by '18," he said.

He added, "We are above Street '14 and '15 rev and EBITDA estimates and believe Z's ability to post positive revisions will drive the stock."

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 $94.80 yesterday.

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