UPDATE: Goldman Sachs Initiates Zillow at Buy on Future Growth Outlook
Goldman Sachs initiated coverage on Zillow (NASDAQ: Z) with a Buy rating and a $47 price target.
Goldman Sachs said, "Zillow is a leading online real estate information marketplace with a technology focus that has driven market-leading user growth and brand differentiation. We continue to heavily favor stocks connected to the businesses that benefit most from the growth in mobile usage, particularly subscription models like Zillow's. An early investor in mobile, Zillow has developed a strong value proposition for both consumers and advertisers, and that coupled with additional levers of future growth through increased agent penetration, ARPU, and vertical and product expansion puts us at Buy."
Zillow closed at $37.95 on Wednesday.
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