As previously reported, Guggenheim analyst Jake Fuller downgraded Zillow to Neutral from Buy yesterday with valuation "at the high end of [his] comfort zone" following the post-earnings run-up in the stock. Zillow is expanding its Premier Agent model tests, which will mute growth with no clear perspective yet on potential benefits, while the unit economics for its Offers product are negative and the path to profitability "remains murky," Fuller tells investors. Without better visibility on the potential for Flex-related accretion or a path to profitability at Offers, he has a hard time justifying the stock's current price, Fuller concluded.