Market ForecastTrimmed housing market forecast now expecting a flat market in '25E vs +5% growth prior.
Operational EstimatesCOMP provided preliminary results above their previous outlook, with revenue better than +8% at the midpoint, and adj. EBITDA up by 230% at the midpoint.
Price TargetLowering PT to $11 following 1Q results, pushing '25E adj. EBITDA estimates lower by -15%.