Susquehanna Downgrades Zillow Group (ZG) to Negative

Susquehanna analyst Shyam Patil downgraded Zillow Group (NASDAQ: ZG) from Neutral to Negative with a price target of $23.00 (from $42.00).

The analyst comments "Historically, the stock has garnered a premium because of the "secular runway" and supposedly "strong competitive positioning," but we see that changing. With growth and margins likely in perpetual deterioration mode, we think the core IMT business deserves a low-to-mid-teens EBITDA multiple... meanwhile we think the highly speculative house flipping business should be valued at 1-2x sales."

For an analyst ratings summary and ratings history on Zillow Group click here. For more ratings news on Zillow Group click here.

Shares of Zillow Group closed at $34.05 yesterday.

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