Zillow (NASDAQ:Z) stock is on the rise Tuesday after the tech real estate marketplace company’s shares got an upgrade from Piper Sandler analyst Thomas Champion.
The Piper Sandler analyst upgraded shares of Z stock from a “neutral” rating to an “overweight” rating. For comparison, the analysts’ consensus rating for Zillow is “hold.” That’s based on five analysts’ opinions.
To go along with that news rating is an increased price target for Z stock. Champion boosted the firm’s price target from $42 per share to $62 per share. That represents a potential 29.4% upside for the stock. It’s also above the analysts’ consensus price target of $40.67 per share.
What’s Behind the Bullish Rating for Z Stock?
Here’s what the Piper Sandler analyst had to say about Zillow in a note to clients obtained by CNBC:
“We like the setup for ZG driven by: (1) continued Premier Agent share gains, and (2) product optionality & new initiatives, and (3) a bottoming in the housing macro with sequential improvements forecast through ’24.”
Champion also expects a strong performance from Zillow in its earnings report. This saw the analyst update the firm’s outlook for Z stock. That includes increasing 2024 revenue by 2% and EBITDA by 14%.
Moving onto Z stock movement following the upgrade, some 1.1 million shares have changed hands as of this writing. That’s still below its daily average trading volume of about 2.7 million shares. Even so, the stock is up 7.7% as of Tuesday morning.
Investors on the lookout for even more of the most recent stock market news are in the right place!
InvestorPlace offers up all of the latest stock market coverage traders need to know about on Tuesday! Among that are details on why shares of Iovance Biotherapeutics (NASDAQ:IOVA), Palantir (NASDAQ:PLTR), and EzFill (NASDAQ:EZFL) stock are on the move today. You can get up to speed on all of these matters with the following links!
More Stock Market News for Tuesday
- Why Is Iovance Biotherapeutics (IOVA) Stock Down 10% Today?
- Jim Cramer Just Gave Palantir (PLTR) Stock a Boost
- Why Is EzFill (EZFL) Stock Down 5% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
