Opendoor Technologies assumed at Market Perform from Outperform at Citizens JMP

Citizens JMP downgraded Opendoor Technologies (OPEN) to Market Perform from Outperform without a price target as the firm transferred coverage of the property technology group. While the firm believes Opendoor will be increasingly used as a backstop for home sellers, which can help it connect home sellers to agents, and believes Opendoor’s agent business is early and has the potential to transition Opendoor to a higher mix of capital-light and high-margin revenue, it awaits an inflection in either the macro environment or the company’s agent business to “become more positive.”