Redfin Corp. (RDFN) PT Lowered to $8 at RBC Capital
RBC Capital analyst Brad Erickson lowered the price target on Redfin Corp. (NASDAQ: RDFN) to $8.00 (from $9.00) while maintaining a Sector Perform rating.
The analyst comments "RDFN's Q1 was ok but obviously, a highly challenged real estate market seems the immovable object vs. any company-specific drivers for the time being. Positively, the company re-took some share in the quarter transactions-wise, new products are showing solid progress and most importantly from a balance sheet perspective, management's decision to run a bit lighter on agent capacity seems to be the right one as the company remains solidly on plan to achieve FY EBITDA profitability heading towards cash generation next year. With that said, we need a better signal of how the company could meaningfully accelerate its share gains before the stock would see multiple expansion. Adjusting estimates, lowering target to $8, reiterate Sector Perform."