JMP Securities Reiterates On Zillow Inc
JMP Securities reiterated its Outperform rating and $155 price target on Zillow Inc (NASDAQ: Z) Wednesday.
Analysts led by Ronald V. Josey issued their report following the announced $950 million acquisition of Move, Inc. by News Corp and REA Group Ltd.
As a result of the Move acquisition, shares of Zillow fell approximately 6 percent. Josey claimed that while the Move 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 three times the size of monthly traffic compared to Move, 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 recently traded at $111.80, down 3.6 percent.
Latest Ratings for Z
Sep 2014 | Stephens & Co. | Initiates Coverage on | Overweight | |
Aug 2014 | Barclays | Maintains | Overweight | |
Aug 2014 | Canaccord Genuity | Maintains | Buy |
View More Analyst Ratings for Z
View the Latest Analyst Ratings
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