Compass Inc. (COMP) PT Raised to $8.50 at Oppenheimer

Oppenheimer analyst Jason Helfstein raised the price target on Compass Inc. (NYSE: COMP) to $8.50 (from $8.00) while maintaining a Outperform rating.

The analyst commented: "Reiterating Outperform and raising target to $8.50 (was $8.00) as continued opex discipline driving material upside to 2H EBITDA. 3Q transaction 7%/5% above Opco/Street, +16% y/y vs. 2Q's +11%, on market share gains and outperformance of higher priced real estate. While mortgage rates have increased since September's 50bps cut, delaying a housing market rebound, operating leverage is becoming clear to investors. FY25 poised for product tailwinds, with Reverse Prospecting, Compass One client dashboard & Make-Me-Sell tool. We are now forecasting 7%/15% growth in FY25/FY26 existing homes vs. prior +10%/+17%. Guiding 4Q revenue 1%/2% above Opco/Street, with EBITDA guided $23M/$14M above. Raising '24, '25' & '26 EBITDA by 4%, 2% & 2%. Target assumes 12x FY26E EBITDA, in line with peers despite faster growth."

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