Opendoor Technologies cut to Underperform at Keefe Bruyette on valuation

Keefe Bruyette analyst Ryan Tomasello downgraded Opendoor Technologies (OPEN) to Underperform from Market Perform with a $1 price target after its Q2 earnings miss. High retail interest may continue to support valuation, but the firm is downgrading the shares on expectation of widening losses in the second half of the year, coupled with uncertainty from the strategy pivot to weigh on the shares, which trade near the high end of historical multiples, the analyst tells investors in a research note.