Citi last night downgraded Opendoor Technologies (OPEN) to Sell from Neutral with a price target of 70c, down from 80c. The firm cites its significantly reduced sales estimates, the 250% rally in the shares since July 1, and slowing home purchase and resell activity for the downgrade. Opendoor is keeping its fixed cost base amid the the macro challenges, which is putting pressure on its profitability, the analyst tells investors in a research note.
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