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Fly News Breaks for February 21, 2020
Feb 21, 2020 | 09:12 EDT
Morgan Stanley analyst Brian Nowak raised his FY20 and FY21 EBITDA estimates for Zillow following the company's quarterly report, which prompted him to increase his sum-of-the-parts based price target on the stock to $57 from $40. However, he keeps an Equal Weight rating on Zillow as he sees a "wide range of potential outcomes" given that the long-term profitability of the Homes segment is still a key question. While he questions whether iBuying can be a profitable business over the long-term, Nowak said investors in the medium-term are more focused on the rapid top-line growth and total addressable market.
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