BofA analyst Curtis Nagle lowered the firm’s price target on Zillow (Z) Group (ZG) to $65 from $80 and keeps a Neutral rating on the shares. Following a Q4 revenue beat, the firm raised its Q1 revenue estimate to $705M on an improved topline outlook, while lowering its Q1 EBITDA view on expected legal headwinds and variable cost investments. The firm’s new target is based on a lower multiple given the continued overhang in the housing market, the analyst noted.
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