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Zillow Group Inc (NASDAQ:ZG) is poised to meaningfully gain share in the premier agent business and benefit from improved monetization of its share of the online traffic market, according to Goldman Sachs.
The Zillow Group Analyst: Heath Terry upgraded Zillow Group from Neutral to Buy and raised the price target from $119 to $200.
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The Zillow Group Thesis: Despite the rally in the stock over the last 12 months, its risk-reward is still positive, Terry said in the upgrade note.
“Zillow’s investments in technology and business model evolution to improve conversion of site visitors to homebuyers/sellers, increase purchase/sale options, and enhance the experience for agents & consumers are likely to improve ROI for agents and drive more spend to Zillow’s properties,” the analyst said.
“With roughly two-thirds of visits to online real estate sites in the U.S. going to Zillow platforms and the company only commanding less than 10% of real estate agent/broker advertising dollars, we expect the company’s efforts to improve conversion, expand purchase options, and diversify revenue streams will meaningfully narrow the gap between these two metrics over the next five years.”
ZG Price Action: Shares of Zillow Group were up 3.68% to $162.62 at last check Friday.
Photo courtesy of Zillow.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.