In a report released today, Naved Khan from SunTrust Robinson maintained a Buy rating on Redfin Corp (RDFN), with a price target of $23. The company’s shares closed yesterday at $17.46.
Khan commented:
“We expect Redfin to report a strong 2Q, in-line with Street expectations, when the company reports results on 8/1 (AMC). We expect 2Q growth to benefit from a secular growth trend, given RDFN’s low market penetration and rising brand awareness. On the call, we expect to get updates on mgt’s focus on increasing agent productivity and rollouts of new initiatives (RedfinDirect, iBuyer). From a macro stand point, we find the current setup of low mortgage rates, potential for future rate cuts, and a low unemployment environment as net positives. We maintain a BUY/$23 PT into earnings.”
According to TipRanks.com, Khan is a top 100 analyst with an average return of 21.4% and a 77.3% success rate. Khan covers the Technology sector, focusing on stocks such as Wix.com Ltd, trivago NV, and Yext Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Redfin Corp with a $21.50 average price target, implying a 23.1% upside from current levels. In a report issued on July 17, Susquehanna also upgraded the stock to Buy with a $23 price target.
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The company has a one-year high of $24.79 and a one-year low of $13.50. Currently, Redfin Corp has an average volume of 1.09M.
Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RDFN in relation to earlier this year.
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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.
