Morgan Stanley Remains Positive on Zillow Following MS 2014 TMT Conference
In a report published Tuesday, Morgan Stanley analyst Scott Devitt reiterated an Equal-Weight rating on Zillow (NASDAQ: Z).
In the report, Morgan Stanley noted, “CEO Spencer Rascoff presented at the MS 2014 Technology, Media & Telecom conference...Zillow forecasts home prices to rise 3-4% in 2014E from ~6% last year; Zillow believes this moderation of growth makes for a more stable recovery. Zillow believes agent ROI is still around 10x and the recovering real estate market drives a natural improvement in ROI as agents get more commission from converted leads on average.”
Zillow closed on Monday at $82.74.
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