Canaccord Genuity analyst Maria Ripps maintained a Hold rating on Zillow Group Class A (ZG – Research Report) yesterday and set a price target of $76.00.
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Maria Ripps’s rating is based on several factors that reflect the current and future positioning of Zillow Group Class A. The company is making steady progress with its strategic initiatives, such as the Enhanced Markets strategy, which is expected to drive share gains and growth in the Mortgages segment. Despite these positive developments, the ongoing uncertainty in the housing market has led to a cautious outlook, resulting in a Hold rating.
Additionally, Zillow’s efforts in expanding its Rentals segment through partnerships, like the one with Redfin, and the increasing engagement with Zillow Showcase are promising. However, while these initiatives are expected to contribute to future growth, the current market conditions and the need for further integration and adoption of Zillow’s financing solutions suggest that a more favorable position may be realized in the longer term. Therefore, Maria Ripps has opted for a Hold rating, reflecting a balanced view of the potential risks and rewards.
In another report released on May 9, Wells Fargo also maintained a Hold rating on the stock with a $60.00 price target.