RBC Capital analyst Mark Mahaney boosted his price target on Sector Perform-rated Zillow (NASDAQ: Z) to $135.00 (from $115.00) after the company completed its acquisition of Trulia.

The keys to the deal, according to Mahaney: 1) Layoffs – Along with the acquisition, the company eliminated ~280 positions across its sales and admin organizations to remove redundancies, with another 70 eliminations to come by the end of Q2. This ~15% workforce trim will leave the company with ~2,000 employees total; 2) New TRLA President – Paul Levine has been named the new president of Trulia (he was formerly COO) while Pete Flint (TRLA CEO/Co-Founder) has joined Z’s board, as has TRLA board member Greg Waldorf; & 3) New Shared Service Offerings – Z expects to begin to market shared services/marketing platforms for advertisers and industry partners to improve ROI/efficiency. TRLA will also transfer to the fixed impression ad revenue model from its current share of voice model when it begins to be powered by Z’s platform later this year.

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Shares of Zillow closed at $0.06 yesterday.