In a report released today, Jason Helfstein from Oppenheimer maintained a Buy rating on Redfin Corp (RDFN), with a price target of $22. The company’s shares closed yesterday at $20.04.
Helfstein wrote:
“We’re raising our price target from $21 to $22 on stronger 1Q results, mgmt’s outlook for improved macro trends and increased confidence on iBuyer and Other service offerings. 1Q real estate revenue 1% above, +16% y/y vs. +13% in 4Q, with 2Q estimated +17% and accelerating in 2H. Market share increased 10 bps y/y to 0.83%. Properties revenue flat q/q, but 36% ahead as mgmt increased confidence in this offering. to allow buyers to make offers on Redfin-listed homes without an agent. If this catches on, RDFN would have the only two-sided discount brokerage model in the industry. RDFN trades at 1.6x 2020E revenue with a 35% ’18-’21E CAGR vs. peers valued at 2.6x with 23% growth. Maintain Outperform rating.”
According to TipRanks.com, Helfstein is a top 100 analyst with an average return of 19.7% and a 67.4% success rate. Helfstein covers the Technology sector, focusing on stocks such as Endurance International, ANGI Homeservices Inc, and Spotify Technology SA.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Redfin Corp with a $24.40 average price target.
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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 $12.22 million. In comparison, last year the company had a GAAP net loss of $36.44 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 the following segments: Real Estate, Properties and Other. The Real Estate segment revenue is derived from commissions and fees charged on real estate services transactions.
