Bernie McTernan, an analyst from Needham, reiterated the Buy rating on Compass. The associated price target remains the same with $11.00.
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Bernie McTernan has given his Buy rating due to a combination of factors that have positively influenced his outlook on Compass’s stock. The recent developments have provided a more optimistic view as the company heads into its second-quarter earnings. McTernan noted that June’s transaction volume increased by 6% year-over-year, which suggests a slight overall growth for the quarter compared to the previous year.
Additionally, Compass’s CEO, Robert Reffkin, highlighted that the second quarter was a record period for organic principal agent gross additions, indicating potential upside to the net addition forecast. Furthermore, an update to the listings tracker revealed a modest quarter-over-quarter increase in the company’s listings share. These positive indicators have strengthened McTernan’s confidence in Compass’s performance, leading to the reaffirmation of a Buy rating.
According to TipRanks, McTernan is a 4-star analyst with an average return of 7.1% and a 51.72% success rate. McTernan covers the Consumer Cyclical sector, focusing on stocks such as Flutter Entertainment PLC, Super Group (SGHC), and DraftKings.