BTIG noted that Google (GOOGL) is testing for-sale home listings in mobile search results across multiple markets, in what could be seen as a direct challenge to the portal models of Zillow (Z) Group (ZG) and CoStar Group’s (CSGP) Homes.com. The firm added that Google is sourcing listings from a data platform/registered broker and monetizing via book-a-tour, find-an-agent and ask-a-question buttons that direct searchers to buyside agents that pay for the placement. This could be a problem for the residential portal sites given Google’s reach and potential to feed listings into AI results, BTIG told investors in a research note. The firm reiterated a Neutral rating on Zillow Group. BTIG also maintained its Buy rating and $55 price target on CoStar Group.
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