Redfin downgraded to Sector Perform from Outperform at RBC Capital » 21:3107/0907/09/20
RBC Capital analyst Mark…
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Redfin says pending sales in housing market 'pulled back slightly' » 20:0907/0807/08/20
The company states:…
The company states: "The housing market closed out the month of June on somewhat uneven footing as pending sales pulled back slightly despite another record low for mortgage interest rates, according to a new report from Redfin. For the week ending June 28 pending home sales decreased 8.2% year-over-year, a sharp change from the revised 3.9% year-over-year increase a week earlier. However, after adjusting for seasonal effects, the decline was only 3%. This decline in pending sales may be a sign that pent-up homebuyer demand from March and April has mostly worked its way through the market, but it could also be due to a continued shortage of homes for sale."
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New Relic price target raised to $69 from $60 at Goldman Sachs » 07:2906/2906/29/20
Goldman Sachs analyst…
Goldman Sachs analyst Christopher Merwin raised the firm's price target on New Relic to $69 from $60 and keeps a Sell rating on the shares. In light of the current interest rate environment, the analyst adjusted assumptions in the discounted cash flow component of his valuation methodology, which drives increased price targets across the software sector. The "resiliency" of the sector throughout COVID-19 underscores the "criticality" of many software categories as businesses adjust for more distributed workforces and therefore require modernized cloud systems, Merwin tells investors in a research note. With sector multiples at all-time highs, the analyst favors stocks where he sees "compelling relative value." Merwin's best ideas currently are ServiceNow (NOW), Splunk (SPLK), Alteryx (AYX) and HubSpot (HUBS).
Redfin price target raised to $48 from $30 at SunTrust » 08:4606/2506/25/20
SunTrust analyst Naved…
SunTrust analyst Naved Khan raised the firm's price target on Redfin to $48 from $30 and keeps a Buy rating on the shares. The company's core brokerage business is in the "early stages of realizing the benefits of scale and agent efficiency gains", the analyst tells investors in a research note, which he believes makes his bull-case scenario of increased profitability and continued share gains more likely. Khan adds that Redfin's agent yield can continue to rise amid ongoing productivity gains and higher listing commissions.
Redfin announces launch in first market in Alaska » 13:0106/2406/24/20
Redfin announced it has…
Redfin announced it has launched today in Anchorage, the company's first market in Alaska. "People throughout the Southcentral Alaska region can now buy and sell homes with Redfin's full-service agents and use Redfin's industry-leading website and iOS and Android app to search for homes for sale," the company said.
Redfin sees homebuying demand higher that pre-pandemic levels » 18:0406/1206/12/20
The company states:…
The company states: "Seasonally adjusted homebuying demand for the week of June 1-7 is now 25% higher than it was pre-pandemic in January and February, according to Redfin's latest weekly report. This marks the eighth straight week of rising demand. Lack of inventory continues to constrain home sales, however, sellers are beginning to come back to the market. After falling to 21% below last year's level the week of May 25-31, new listings last week continued their recovery; last week's new listings were 15% below last year's level. With demand surging and supply recovering, Redfin expects sales to strengthen; mortgage purchase applications were up 7% year-over-year in the last week of May and up even more, 13%, in the first week of June."
Redfin price target raised to $42 from $27 at DA Davidson » 09:3606/1106/11/20
DA Davidson analyst Tom…
DA Davidson analyst Tom White raised the firm's price target on Redfin to $42 from $27 and keeps a Buy rating on the shares. The analyst notes that his proprietary analysis of for-sale home listings and recent industry data point to an "impressive recovery in home buyer demand", adding that Redfin's market share of for-sale home listings has also increased sequentially and on an annualized basis in recent weeks.
New Relic price target raised to $80 from $75 at SunTrust » 08:0206/1106/11/20
SunTrust analyst Joel…
SunTrust analyst Joel Fishbein raised the firm's price target on New Relic to $80 from $75 and keeps a Buy rating on the shares, sayings its business represents "one of the most well-rounded product portfolios" in his coverage. The company's platform approach that focuses on the core pillars of Application Performance Monitoring, Log Analytics, and Infrastructure Monitoring is positioned to win share in the market that is "consolidating around observability", the analyst tells investors in a research note.
Redfin initiated with a Buy at BTIG » 16:5306/1006/10/20
BTIG analyst Jake Fuller…
BTIG analyst Jake Fuller initiated coverage of Redfin with a Buy rating and $44 price target. The analyst notes that the real estate sector has recovered "quickly" with demand about 20% above the pre-pandemic levels. Fuller adds that Redfin's new product offerings should augment the brokerage segment's growth, while the company's "more conservative" Properties bidding structure suggests reduced buying ambitions - a potential positive given the uncertainty around its unit economics.
New Relic participates in a conference call with UBS » 10:2506/1006/10/20
Technology Analysts Lowe…
Technology Analysts Lowe & Boolani hold a conference call with SVP Rooney on June 10 at 11 am hosted by UBS.