Zillow price target lowered to $55 from $70 at Piper Sandler

Piper Sandler lowered the firm’s price target on Zillow (Z) to $55 from $70 and keeps an Overweight rating on the shares. The firm notes the company delivered Q1 revenue and EBITDA ahead of Piper’s estimates, but a softer Q2 EBITDA guide had shares down about 5% after hours. The firm continues to believe the product story is underappreciated, but it acknowledges that improvement in the housing market may be the key catalyst for shares.