UPDATE: Deutsche Bank Initiates Coverage on Zillow on Positive Outlook, High Price Estimates

In a report published Friday, Deutsche Bank analyst Lloyd Walmsley initiated coverage on

with a Hold rating and $83.00 price target. In the report, Deutsche Bank noted, “Zillow has done an excellent job building a real estate asset spanning listings, mortgages, and home improvement with the largest audience in the space. Zillow's TV ad campaign has accelerated audience growth and may eventually translate into revenue across its segments. At revenue multiples of 21x this year and 15x next and EBITDA multiple of 70x on 2015, however, Zillow is the most expensive stock in our universe. As such, the company's strong positioning and growth opportunities appear to be reflected in the shares. We launch with a Hold rating.” Zillow closed on Thursday at $98.51.