Benchmark analyst Daniel Kurnos reiterated a Buy rating and $110.00 price target on Zillow Group (NASDAQ: ZG).

The analyst commented, "After months of silence and letting the industry dominate the narrative (and the courtroom), it looks like Zillow (ZG: Buy, PT $110) is officially punching back. It began with several motions to dismiss, followed by a defeat of Compass’s (COMP: Not Rated) preliminary injunction, and then yesterday with the announcement of Zillow Preview – an exclusive, coming soon platform that will dwarf the recent partnership struck between Compass and Rocket (RKT: Not Rated). While not a gamechanger out of the box, the concept that Zillow, with its industry-leading traffic, will finally have a true source of unique inventory, should put the rest of the space on notice and substantially eat into the bear thesis around industry outperformance, longer-term growth, and valuation. Do we think this is enough to get the stock back into the $70-80 range, which is where we believe it should trade at a minimum? Probably not immediately, given macro concerns and the outstanding lawsuits overhang. But we think the excuses for why the stock is so depressed are running out, and unless an event occurs that derails Zillow’s momentum, we believe it is only a matter of time before this unprecedented valuation discount corrects itself (7x EBITDA on normalized margins even before considering what revenue in a normal housing market would be). Furthermore, if it does not correct, we imagine Zillow will remain aggressive around share repurchases."

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 $45.05 yesterday.