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Z

Zillow

$53.60

0.39 (0.73%)

, ZG

Zillow

$53.77

0.36 (0.67%)

10:35
04/13/18
04/13
10:35
04/13/18
10:35

Zillow falls after announcing house flipping plans, competitor Redfin declines

Shares of Zillow (Z,ZG) dropped in morning trading after the company announced plans to enter the home-flipping business just in time for the Spring selling season. Zillow, which has focused on just the listing part of the real estate business, announced last night along with quarterly and yearly revenue, that it will expand Zillow Instant Offers to Phoenix this month. With this expansion, Zillow said it plans to participate in the marketplace, buying and selling homes with Premier Agent partners in the Phoenix and Las Vegas markets. Zillow began testing Instant Offers in May 2017 with Premier Agent partners in Las Vegas and Orlando, and will add Phoenix this month. According to Zillow, the program "gives real estate agents the opportunity to acquire new listings by connecting them with motivated sellers who have taken a direct action to sell their home. Across all testing, Zillow found the vast majority of sellers who requested an Instant Offer ended up selling their home with an agent, making Instant Offers an excellent source of seller leads for Premier Agents and brokerage partners." "Even in today's hot market, many sellers are stressed and searching for a more seamless way to sell their homes," Zillow Chief Marketing Officer Jeremy Wacksman said in a statement. "They want help, and while most prefer to sell their home on the open market with an agent, some value convenience and time over price. This expansion of Instant Offers, and Zillow's entrance into the marketplace, will help us better serve both types of consumers as well as provide an opportunity for Premier Agents to connect with sellers. A "WASH" FOR SHAREHOLDERS: Craig-Hallum analyst Brad Berning downgraded Zillow to Hold from Buy after the company announced the expansion of the Instant Offers program to Phoenix in addition to Las Vegas and Orlando. The program will require what he estimates to be about $3B of capital, which Zillow intends to fund using its balance sheet, while only creating what he estimates will be about $3B in incremental shareholder value, Berning told investors. Thus, he sees the expansion as "a wash" for shareholder value, but one that comes at the price of potential added risk. Berning lowered his price target on Zillow to $50 from $58. COMPETITION FOR REDFIN: Redfin (RDFN), an online real-estate brokerage, "began experimenting with buying homes a little more than a year ago," said The Wall Street Journal, citing Redfin CEO Glenn Kelman. PRICE ACTION: Shares of Zillow are down over 10% to $48.19 per share, while Redfin is lower by 2.5% to $22.15 in morning trading.

Z

Zillow

$53.60

0.39 (0.73%)

ZG

Zillow

$53.77

0.36 (0.67%)

RDFN

Redfin

$22.72

-0.09 (-0.39%)

  • 12

    Jun

Z Zillow
$53.60

0.39 (0.73%)

04/13/18
04/13/18
DOWNGRADE
Target $50

Hold
Zillow downgraded at Craig-Hallum after expansion of 'instant offers' program
As previously reported, Craig-Hallum analyst Brad Berning downgraded Zillow (ZG) to Hold from Buy after the company announced the expansion of its Instant Offers program to Phoenix in addition to Las Vegas and Orlando. The program, under which the company buys and sells homes with Premier Agent partners, will require what he estimates to be about $3B of capital, which Zillow intends to fund using its balance sheet, while only creating what he estimates will be about $3B in incremental shareholder value, Berning tells investors. Thus, he sees the expansion as "a wash" for shareholder value, but one that comes at the price of potential added risk. Berning lowered his price target on Zillow to $50 from $58.
04/13/18
MSCO
04/13/18
NO CHANGE
Target $55
MSCO
Overweight
Zillow move into iBuying 'Amazon-esque,' says Morgan Stanley
Morgan Stanley analyst Jonathan Lanterman noted that Zillow (ZG) announced its entrance into "iBuying" with the expansion of its Instant Offers program, via which the company will get into the home buying and selling transaction market. While Zillow will potentially be taking on balance sheet risk and utilizing higher debt loads than it has in the past, Lanterman sees the move to target a market with lower margins but one with a larger total addressable market as "Amazon-esque." He expects investors who were bullish on Zillow to view the entrance into iBuying positively and for already bearish investors to view this move skeptically. Lanterman currently has an Overweight rating on Zillow shares, but noted that his model is under review.
04/13/18
BNCH
04/13/18
NO CHANGE
Target $64
BNCH
Buy
Zillow target upped to $64 after 'surprise' instant offers news at Benchmark
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.
04/13/18
04/13/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Starbucks (SBUX) downgraded to Market Perform from Outperform at Cowen with analyst Andrew Charles saying his optimism about a comparable sales rebound in the Americas region is diminished as he sees intensified craft coffee competition along with expressing uncertainty on the timeline and magnitude of success with its loyalty efforts. 2. Diamond Offshore (DO) downgraded to Underperform from Neutral at Credit Suisse. 3. Zillow (Z, ZG) downgraded to Hold from Buy at Craig-Hallum with analyst Brad Berning citing the company's announcement that it is expanding its Instant Offers program to Phoenix in addition to Las Vegas and Orlando. 4. Nu Skin (NUS) downgraded to Hold from Buy at Deutsche Bank with analyst Steve Powers saying with the valuation at multi-year highs, the market is pricing in a "material acceleration" in sales and earnings trends. 5. Tenneco (TEN) downgraded to Neutral from Buy at Goldman Sachs with analyst David Tamberrino saying he sees the strategic rationale in the Federal-Mogul acquisition, but highlights near-term challenges from input costs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ZG Zillow
$53.77

0.36 (0.67%)

04/13/18
NEED
04/13/18
NO CHANGE
Target $56
NEED
Buy
Zillow price target raised to $56 from $52 at Needham
Needham analyst Kerry Rice raised his Zillow price target to $56 and kept his Buy rating after the company's preliminary Q1 revenue beat. Rice notes that while Zillow's launch of new home purchase business in Las Vegas and Phoenix could be detrimental to profitability in the short run, in the longer term, the move is "necessary to ward off competition, such as Opendoor, Knock, and HomeLight". The analyst also sees Zillow's Premier Agent partnerships, "extensive" data and consumer insights helping to position the company to gain "considerable traction" in the homes resale market.
RDFN Redfin
$22.72

-0.09 (-0.39%)

02/06/18
JEFF
02/06/18
INITIATION
Target $28
JEFF
Buy
Redfin initiated with a Buy at Jefferies
Jefferies analyst Brent Thill started Redfin with a Buy rating and $28 price target. The analyst says the company's tech-focused platform and consumer value proposition "can be a long-term industry disruptor." He sees "ample opportunity" for Redfin to grow market share.
02/06/18
02/06/18
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. Redfin (RDFN) initiated with a Buy at Jefferies. The firm also initiated Zillow (Z, ZG) with a Hold. 2. Liberty Oilfield Services (LBRT) initiated with an Overweight at Piper Jaffray, an Overweight at Morgan Stanley, a Buy at Citi and Goldman Sachs, an Overweight at JPMorgan, an Outperform at Wells Fargo and an Outperform at Evercore ISI. 3. Industrial Logistics Property Trust (ILPT) initiated with a Buy at BofA/Merrill, an Outperform at RBC Capital and JMP Securities and a Neutral at UBS. 4. Angi Homeservices (ANGI) initiated with an Outperform at BMO Capital. 5. Jones Lang LaSalle (JLL), Newmark (NMRK) and CBRE Group (CBG) initiated with an Outperform at Raymond James. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/02/18
JEFF
04/02/18
NO CHANGE
Target $28
JEFF
Buy
Redfin offers attractive entry point at current levels, says Jefferies
Jefferies analyst Brent Thill views current Redfin share levels as an attractive entry point. After hosting investor meetings with management, the analyst continues to believe that Redfin's vertically integrated business model can be a "long-term industry disruptor in the $85B U.S. Real Estate market." Redfin is the Thill's top small cap pick with a Buy rating and $28 price target.
04/04/18
DADA
04/04/18
INITIATION
Target $28
DADA
Buy
Redfin initiated with a Buy at DA Davidson
DA Davidson analyst Tom White initiated Redfin with a Buy rating and a price target of $28. White is positive on the company's use of technology to reduce costs and improve the home transaction experience, adding that Redfin's "early mover advantage and compelling consumer value proposition" can produce further market share gains. The analyst estimates that Redfin homebuyers saved about $2.7K on average in 2017 in the form of a closing-cost reduction, while the sellers commission of 1.0%-1.5% is more attractive relative to the 2.5%-3.0% paid to traditional brokerages.

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$155.22

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