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Z

Zillow

$40.61

1.5 (3.84%)

, ZG

Zillow

$40.62

1.32 (3.36%)

11:52
09/13/17
09/13
11:52
09/13/17
11:52

Zillow slides as analyst says CFPB suit is likely

Shares of Zillow (Z) are sliding after Susquehanna analyst Thomas Claps told investors that he believes a lawsuit may be forthcoming from the Consumer Financial Protection Bureau over its co-marketing program. The analyst pointed out that CFPB had "invited" the company to discuss a settlement, but no progress update on the discussions has been announced. CFPB MAY SUE ZILLOW: In a research note to investors, Susquehanna's Claps noted that on August 8, Zillow disclosed that the CFPB had concluded its investigation and "invited" the company to discuss a settlement, which was to occur over the past month. However, to date, there has been no progress update on the settlement discussions, the analyst pointed out, adding that the likelihood of a near-term lawsuit being filed is increasing. Currently, Zillow's co-marketing program allows certain groups of lenders to subsidize up to 90% of an agent's marketing costs, while other lenders are capped at 50%, Claps said. The analyst argued that this subsidy issue is the primary focus of the CFPB investigation, and that the CFPB is likely demanding a 50% contribution cap across the board, regardless of how many lenders are contributing. Therefore, at a bare minimum, the CFPB will demand that Zillow eliminates its ability to collect more than a 50% co-pay from lenders, he added. The analyst reiterated a Neutral rating on Zillow. POTENTIAL LAWSUIT IMPLICATIONS: Susquehanna's Claps also argued that if the CFPB files a lawsuit against Zillow in the near-term, it will be seeking a variety of remedies and monetary fines against Zillow, which could mean total elimination of Zillow's co-marketing program, reduction in co-marketing contribution amounts that would result in lost revenues/EBITDA, disgorgement of profits, civil monetary penalties, banning single lender agreements, increased consumer disclosures and increased compliance measures. PRICE ACTION: In late morning trading, shares of Zillow have dropped over 4% to $38.88.

Z

Zillow

$40.61

1.5 (3.84%)

ZG

Zillow

$40.62

1.32 (3.36%)

Z Zillow
$40.61

1.5 (3.84%)

08/07/17
DBAB
08/07/17
NO CHANGE
Target $50
DBAB
Hold
Zillow price target raised to $50 from $44 at Deutsche Bank
Deutsche Bank analyst Lloyd Walmsley raised his price target for Zillow to $50 saying he sees "meaningful upside" to 2017 and 2018 revenue estimates as StreetEasy monetization ramps. The analyst, however, keeps a Neutral rating on the shares saying he's more concerned about risk from mortgage co-advertising around the CFPB investigation.
07/18/17
07/18/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Zillow (Z, ZG) initiated with a Sector Weight at KeyBanc. 2. Electronic Arts (EA) and Activision Blizzard (ATVI) were initiated with a Buy at Needham. 3. Infinera (INFN) initiated with a Buy at Craig-Hallum. 4. Baker Hughes (BHGE) reinstated with a Sell at Goldman Sachs. 5. Acadia (ACHC) initiated with an Outperform at William Blair. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/05/17
STFL
07/05/17
NO CHANGE
STFL
Zillow price target raised to $54.50 from $46 at Stifel
Stifel analyst George Askew expects Zillow's Q2 results to exceed expectations. He thinks that the company continued to execute well in Q2 and benefited from volume and pricing leverage as well as expense control. He keeps a Buy rating on the shares.
06/22/17
CHLM
06/22/17
INITIATION
Target $58
CHLM
Buy
Zillow assumed with a Buy at Craig-Hallum
Craig-Hallum analyst Bradley Berning assumed coverage of Zillow with a Buy rating and $58 price target, citing its potential to disrupt real estate lead generation.
ZG Zillow
$40.62

1.32 (3.36%)

07/17/17
KEYB
07/17/17
INITIATION
KEYB
Sector Weight
Zillow initiated with a Sector Weight at KeyBanc
05/05/17
NEED
05/05/17
NO CHANGE
Target $48
NEED
Buy
Zillow price target raised to $48 from $41 at Needham
Needham analyst Kerry Rice raised his price target for Zillow to $48 from $41 after the company reported "strong Q1" revenue and EBITDA upside. The analyst reiterates a Buy rating on the shares.

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