UPDATE: Goldman Sachs Downgrades Redfin Corp. (RDFN) to Neutral
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Goldman Sachs analyst Heath P. Terry downgraded Redfin Corp. (NASDAQ: RDFN) from Buy to Neutral with a price target of $78.00 (from $41.00).
The analyst comments "With Redfin shares +266% since we added the stock to our Sell List on June 18th, 2018 vs. the S&P 500 +40%, we were clearly wrong in maintaining our Sell rating as the pandemic drove significant acceleration in the real estate macro environment, agent efficiency growth at Redfin, and Redfin’s resulting financial outperformance. With the stock at 6.8x 2022E EV/Sales versus the sector Internet median at 4.7x, we believe the stronger growth outlook (33% CAGR ex-Redfin Now over the next three years vs the Internet median at 23%) is more appropriately reflected in the share price and raise our rating to Neutral. Our 12-month price target goes to $78 from $41."
Shares of Redfin Corp. closed at $81.50 yesterday.
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