Zillow Upgraded, Analyst Predicts Strong Growth With Lower Mortgage Rates On The Horizon
Portfolio Pulse from Lekha Gupta
Zillow Group, Inc. (NASDAQ:Z) shares rose after Wedbush upgraded the stock from Neutral to Outperform, raising the price target from $50 to $80. Analyst Jay McCanless predicts strong growth due to potential lower mortgage rates, with increased revenue estimates for FY25. Investors can also gain exposure through Global X PropTech ETF (NASDAQ:PTEC) and Jacob Forward ETF (NYSE:JFWD).
September 16, 2024 | 7:03 pm
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POSITIVE IMPACT
Jacob Forward ETF, which includes Zillow, might experience a positive impact due to Zillow's upgrade and growth outlook.
JFWD, as an ETF that includes Zillow, might benefit from the positive sentiment and potential growth associated with Zillow's stock upgrade.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Global X PropTech ETF, which includes Zillow, may see positive impact due to Zillow's upgrade and potential growth from lower mortgage rates.
As an ETF that includes Zillow, PTEC may experience a positive impact from Zillow's stock upgrade and growth potential.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Zillow Group's stock was upgraded by Wedbush from Neutral to Outperform, with a price target increase from $50 to $80. The analyst sees potential growth from lower mortgage rates and has raised revenue estimates for FY25.
The upgrade and increased price target by Wedbush, along with the positive outlook on revenue growth due to lower mortgage rates, are likely to positively impact Zillow's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100