JPMorgan raised the firm’s price target on Redfin (RDFN) to $12.50 from $7 and keeps a Neutral rating on the shares. The higher target reflects Rocket Companies’ (RKT) announced agreement to acquire Redfin, the analyst tells investors in a research note. The firm believes combining Rocket and Redfin makes strategic sense for both companies. Redfin shares are currently trading at a 12% discount to the proposed acquisition price, which this reflects concerns about regulatory scrutiny due to Rocket’s leadership in the mortgage market and Redfin’s engagement leadership among brokerages, contends JPMorgan. The firm, however, does not anticipate significant regulatory risk to the deal.
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