JMP Securities sees Opendoor (OPEN) stock price risinf as profitability expectations improve
- Trading mixed after job openings hint at cooling economy
- U.S. job openings fall to 8.733 million in October - JOLTS report
- Hedge Funds were big sellers of Big Tech stocks last week - Morgan Stanley
- CVS Health adds 2% as 2024 revenue outlook tops estimates
- Tesla's global EV share fell to 13% in October from 17% in September - analyst
The price target for Outperform-rated Opendoor (NASDAQ: OPEN) was doubled to $5 from $2.50 by JMP Securities analyst Nicholas Jones in a note to clients Thursday.
Jones told investors that lower home price volatility should drive a better contribution profit.
"Opendoor Technologies Inc. is 200% higher than its intra-quarter low, which we attribute to its better-than-expected 1Q23 results and 2Q23 guidance and evidence that industry trends are improving," wrote Jones.
"While overall home transaction volumes are still low, median home price volatility has stabilized and has begun to increase. This suggests that OPEN can deliver better top-line revenue on higher average home selling prices and higher contribution profits than we originally estimated."
JMP continues to see OPEN's home seller and buyer solutions as "valuable and disruptive to the broader ecosystem" and expects the company's stock price to continue appreciating as profitability expectations improve.
By Sam Boughedda
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Hyatt Hotels the preferred hotel name at Wells Fargo due to favorable exposure
- Sumitomo Realty & Development Co Ltd (8830:JP) PT Raised to JPY4,900 at Morgan Stanley
- Mitsui Fudosan Co Ltd. (8801:JP) (MTSFY) PT Raised to JPY3,900 at Morgan Stanley
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot List
Related EntitiesJMP Securities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!