UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Zillow
In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Zillow (NASDAQ: Z), and raised its price target from $42.00 to $45.00.
Canaccord noted, “Zillow reported another strong quarter highlighted by outsized growth in PA subs, a mostly optical sequential decline in ARPU, and further evolution from marketing channel to solutions platform for real estate professionals...‘Third slot' monetization and Premier Silver Agents (who signed up for the free website feature) brought in ~4k new PA subs, mostly late in the quarter, compared with our estimate of ~1.8k. Generally, we now model more subs at a lower ARPU, but our revenue estimates go up.”
Zillow closed on Tuesday at $41.76.
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