Zillow Group ‘under fire on multiple fronts,’ says BTIG

BTIG analyst Jake Fuller says Zillow (Z) Group (ZG) is “under fire on multiple fronts.” Google is again testing paid listings in what could evolve into a challenge to Zillow’s legacy lead-generation model, the analyst tells investors in a research note. In addition, the firm says the Chicago-area Multiple Listing Services Midwest Real Estate Data has pulled listings from Zillow, which is putting it at a “demonstrable disadvantage” in terms of local coverage versus other portal and brokerage sites. BTIG believes Zillow’s “long-time dominance in residential real estate suddenly feels less certain as the portal war escalates.” It keeps a Neutral rating on the shares.