Zillow Group initiated with a Perform at Oppenheimer

Oppenheimer analyst Chad Larkin initiated coverage of Zillow (Z) Group (ZG) with a Perform rating and no price target. The company is making the right strategic decisions but investors are “overly bullish” on a 2026 housing recovery and long-term rentals growth. the analyst tells investors in a research note. The firm also believes are underappreciating the strategic threat to Zillow from the changes to Clear Cooperation and Compass’ (COMP) acquisition of Anywhere Real Estate (HOUS). Zillow has also struggled to gain share of agent commissions during “healthy” housing cycles as leads become less valuable, adds Opco.