Oppenheimer analyst Jason Helfstein maintained a Buy rating on Redfin Corp (RDFN) today and set a price target of $21. The company’s shares closed yesterday at $14.85, close to its 52-week low of $14.46.
Helfstein observed:
“Maintaining $21 target as RDFN continues to post market share gains, even as macro conditions weaken. In 3Q18, RDFN gained 14bps share y/y and 2bps q/ q. This resulted in Platform revenues +22 y/y, but a slowdown from 30% in 2Q. As disruptive Internet marketplaces tend to gain share in macro downturns, RDFN mgmt. plans to nearly triple spending in offline media, as local market tests show consumers are highly receptive to the selling discount, and show greater propensity to buy-side process. While mgmt. is highly concerned about near-term housing trends, with November slowing from October, the team believes off-line marketing will drive customer engagement and revenue in ’19. Meanwhile, “iBuyer” RedFin Now revenues +26% q/q and expected to accelerate to 37% in 4Q.”
According to TipRanks.com, Helfstein is a top 100 analyst with an average return of 15.7% and a 60.5% success rate. Helfstein covers the Technology sector, focusing on stocks such as Endurance International, ANGI Homeservices Inc, and IAC/InterActiveCorp.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Redfin Corp with a $21.57 average price target.
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Based on Redfin Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $3.21 million. In comparison, last year the company had a net profit of $10.56 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.
