Zillow (Z) PT Raised to 'Street High' $175 at Needham & Company Following Checks with Premier Agents

February 2, 2021 5:31 AM EST
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Price: $135.07 +0.01%

Rating Summary:
    14 Buy, 11 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 10 | New: 10
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(Updated - February 2, 2021 6:29 AM EST)

Needham & Company analyst Brad Erickson raised the price target on Zillow (NASDAQ: Z) (NASDAQ: ZG) to 'Street High' $175.00 (from $145.00) while maintaining a Buy rating.

The analyst comments "Our Z checks with 20 Premier Agents (PA) in 15 markets were (yet again) incrementally stronger prompting us to raise our estimates and our PT goes to $175. We continue to like Z’s leading positioning in the accelerated shift to digital real estate and view this as a core holding in the consumer internet sector. We see potential for upside to 2021 PA revenue and EBITDA expectations in particular and view the recent IDX transition largely as noise that hasn't and won't affect PA spend or churn."

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