Oppenheimer Keeps a Buy Rating on Redfin Corp
Oppenheimer analyst Jason Helfstein maintained a Buy rating on Redfin Corp (NASDAQ: RDFN) yesterday and set a price target of $24. The company’s shares closed yesterday at $22.98.
“We are maintaining our Outperform rating and $24 PT after Redfin reported modestly better than expected 1Q:18 revenue, and gave 2Q:18 guidance/commentary that implies the housing inventory shortage is unlikely to abate in the near term. Management’s 2Q:18 guidance for Redfin Now ($5.7M vs. $3.1M in 1Q:18) and commentary suggest that while still an experiment odds are weighted towards the company pursuing the opportunity in earnest. Some investors might encourage mgmt. to move faster in iBuyer space, but we believe caution regarding sustainability of model in downturn is prudent. While the macro environment is clearly challenging and unlikely to turn in the short/medium term Redfin’s continued share gains (+15bps y/y in 1Q:18) give us confidence in the secular growth story.”
According to TipRanks.com, Helfstein is a top 100 analyst with an average return of 18.7% and a 67.4% success rate. Helfstein covers the Technology sector, focusing on stocks such as Endurance International, ANGI Homeservices Inc, and IAC/InterActiveCorp.
Redfin Corp has an analyst consensus of Strong Buy, with a price target consensus of $26.75.
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Based on Redfin Corp’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $1.8 million. In comparison, last year the company had a GAAP net loss of $28.07 million.
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Redfin Corp. is a technology-powered residential real estate brokerage, which engages in buying and selling homes. It operates through Real Estate and Other segments. The Real Estate segment consists of real estate transactions.