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UPDATE: Morgan Stanley Initiates Zillow at Equal-Weight on Valuation

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Morgan Stanley initiated coverage on Zillow (NASDAQ: Z) with an Equal-weight rating and a $28 price target.

Morgan Stanley noted, "We are initiating with an Equal-weight rating and a fair value estimate of $28. Despite our positive view on the company's growth story, we are taking a wait-and-see approach to the company's transition of its monetization model for Premier Agents. … If Zillow is successful in empowering independence among subscribing agents, we believe the best agents will rise to the top and the rest may be marginalized in varying degrees. Therefore, Zillow must grow its value offered to agents in order to justify increased pricing (either on a CPM or volume of contacts / leads basis)."

Zillow closed at $26.11 on Friday.

Latest Ratings for Z

DateFirmActionFromTo
Nov 2014BarclaysMaintainsOverweight
Nov 2014Canaccord GenuityMaintainsBuy
Nov 2014CRT CapitalMaintainsFairly Valued

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View the Latest Analyst Ratings

Posted-In: Morgan StanleyAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

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