Goldman Sachs Upgrades Zillow Group (ZG) to Buy
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(Updated - February 5, 2021 5:56 AM EST)
Goldman Sachs analyst Heath Terry upgraded Zillow Group (NASDAQ: ZG) from Neutral to Buy with a price target of $200.00 (from $119.00).
The analyst comments "Zillow Group shares are +219% over the last twelve months vs. the S&P 500 +16%, which we believe reflects significant acceleration in real estate macro indicators after initial COVID-19 weakness, the impact of innovation in the company’s premier agent business, significant margin leverage in the IMT segment, and discovery value from iBuyer competitor Opendoor’s value in the public market since listing. While we have clearly missed significant outperformance, we believe risk-reward in owning ZG shares is positive. We upgrade ZG to Buy from Neutral and raise our 12-month price target to $200 from $119."
Shares of Zillow Group closed at $156.85 yesterday.
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