Piper Sandler lowered the firm’s price target on Zillow (Z) to $70 from $85 and keeps an Overweight rating on the shares. The firm notes Q4 results were roughly in line as management continues to operate in a challenging, but improving, housing market. The housing market remains subdued and “bouncing along the bottom” but Zillow is executing on its product initiatives and buying back stock, Piper adds. Rentals remain a bright spot and the margin picture better than it seems at first blush.
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