Connect with us

Hi, what are you looking for?


This real estate stock got a double upgrade from BofA today

zillow stock double upgraded at bank of america

Zillow Group Inc (NASDAQ: ZG) is trading up on Monday after a Bank of America analyst issued a bullish note in favour of the tech-powered real estate marketplace.

The bull case for Zillow stock

Curtis Nagle double-upgraded the Zillow stock this morning to “buy” and said shares could climb to $42. That represents about a 20% upside versus its previous close.

The analyst is constructive primarily because he expects the U.S. housing market to claw its way back into growth next year.

While real estate fundamentals remain very challenged given the macroeconomic environment and rates pressure, market may trough in early 2023 and growth can return to double-digits in 2023 on improving affordability.

The Nasdaq-listed firm will report its Q4 results next months. Consensus is for it to lose 29 cents a share versus the year-ago 74 cents a share.

Why else does he like Zillow stock

According to Curtis Nagle, recent initiatives including ShowingTime and 3D virtual tours will help reaccelerate growth as well.

He also expects home volume trends to improve by mid-2023 – an optimism based on moderating declines in mortgage purchase applications since October. Further defending his bullish view on the tech stock, the analyst wrote:

We forecast that home transactions will accelerate to 10% in 2024 (+11% for Zillow revenues) on lower home prices and mortgage rates as well as some mean reversion as volumes are 24% below the historical average.

Nagle is convinced that the Seattle-headquartered firm could almost double its adjusted EBITDA from 2023 to 2025. Zillow stock has gained more than 20% over the past two weeks.

The post This real estate stock got a double upgrade from BofA today appeared first on Invezz.

You May Also Like


Mimiq, Inc is announcing today the launch of their new product, Mimiq Track, at CES as part of their latest product line to operate...


Genesis Trading, the cryptocurrency brokerage and lender that halted customer withdrawals in the aftermath of FTX collapse, believes it can sort out its financial...

Editor's Pick

If you haven’t been following the “Twitter Files” saga, the gist of it is that the US federal government routinely pressured pre-Musk Twitter, and...

Editor's Pick

On April 23, 1985, the Coca-Cola Company made one of the biggest mistakes in American business history: it changed the formula for Coca-Cola. Outraged...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023