Opendoor Technologies (NASDAQ:OPEN) stock is getting a boost on Thursday following an upgrade from Keefe, Bruyette & Woods.
Analysts at the firm upgraded shares of OPEN stock from an “underperform” rating to a “market perform” rating. That matches the analysts’ consensus hold rating based on 11 opinions.
In addition to that, the analysts also increased the price target for OPEN stock from $1.65 per share to $3.50 per share. That represents a potential upside of 1.7%. It’s also above the analysts’ consensus price prediction of $3.47 for the company’s shares.
What’s Behind the OPEN Stock Upgrade?
Keefe, Bruyette & Woods point to a lack of negative catalysts for why its analysts upgraded OPEN stock. They also point toward falling interest rates in 2024, as well as a possible increase in transaction volumes that could benefit Opendoor Technologies in the coming year.
Finally, the analysts note that investors will want to keep an eye on the macroenvironment in 2024 as it will have a strong effect on OPEN stock.
With all of this news comes a 15.5% rally for OPEN stock on Thursday morning. Investors are also seeing some 8 million shares change hands, as compared to its daily average trading volume of about 18 million shares.
Investors looking for even more of the most recent stock market stories are in the right place!
We have all of the hottest stock market stories worth reading about on Thursday! A few examples include what’s happening with shares of Moderna (NASDAQ:MRNA), Regis (NYSE:RGS) and Amtech Systems (NASDAQ:ASYS) stock today. All of that news is ready to go at the following links!
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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.
