Zillow, Inc. Z had its Outperform rating and $155 Price Target reiterated by JMP Securities on Wednesday.
Analysts led by Ronald V. Josey issued their report following the announced $950 million acquisition of Move, Inc. MOVE by News Corp NWS and REA Group Ltd REA.
As a result of the Move, Inc. acquisition, shares of Zillow fell approximately 6 percent. Josey claims that while the Move, Inc. deal will mean increased competition for Zillow, the “sell-off in Zillow shares [was] overdone and we are buyers on weakness.”
Zillow’s pending acquisition of Trulia will also mean 110 million visitors with 3x the size of monthly traffic compared to Move, Inc. according to Josey.
JMP’s Price Target of $155 is justified by “the large opportunity within online real estate, the potential for sustainable growth across Zillow’s businesses, and strong management.”
Zillow, Inc. traded at $112.64 midday on Wednesday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.