Benchmark analyst Daniel Kurnos called Zillow Group's announcement that it is entering the real estate investment market via its Instant Offers program a surprise that he expects will be "met with significant skepticism by the bears" betting on a slowdown in its core business. However, the parallel announcement of Q1 preliminary results that exceeded consensus, further pricing support from lead platform changes, and Zillow's proven ability to monetize its consumer funnel give him confidence in the new approach and long-term outlook, Kurnos tells investors. He raised his price target on the stock to $64 from $55 and keeps a Buy rating on Zillow.