Zillow (NASDAQ:Z) stock is a hot topic on Wednesday as the real estate platform company’s shares get updated coverage from Jefferies analysts.
Jefferies analyst John Colantuoni updated his price target for Z stock from $70 per share to $75 per share. That’s a potential upside of 31.2% over the stock’s prior closing price. It’s also well above the analysts’ consensus price prediction of $58.75 per share.
The Jefferies analyst maintained a “buy” rating for Z stock in this latest coverage. That’s a bullish stance next to the analysts’ consensus rating of hold for shares based on five opinions.
Why the Bull Position on Z Stock?
Here’s what Colantuoni had to say about Zillow in a note to clients obtained by CNBC.
“Z’s product innovations have culminated into an ecosystem of complimentary services that should enhance monetization capabilities and increase penetration of real estate transaction [total addressable market], resulting in meaningful upside to revenue over the long-term. High incremental margins from a largely fixed cost base should result in even more impressive long-term EBITDA upside.”
Despite the praise from Jefferies, shares of Z stock are down 4.9% as of Wednesday morning. Investors will want to check back in on Zillow when it releases its next earnings report on May 1.
There are more stock market stories traders will want to read about down below!
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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.
