A housing sector rebound in 2024 will benefit Zillow shareholders, according to UBS.
Investors should consider loading up shares of online real estate stock Zillow now as the sector is poised for a rebound in 2024, according to UBS. The firm on Friday initiated coverage of the company with a buy rating and a 12-month $50 price target, implying a 31% upside from where shares currently trade. "We see the current period of maximum uncertainty as a good entry point for Buy-rated Zillow shares for longer-term investors," wrote analyst Lloyd Walmsley in a note.
"We think the mortgage funnel is the largest under-appreciated potential driver of Zillow's goal to double its transaction share from 2021 through 2025, and in an upside scenario we believe this funnel alone could drive those gains," said Walmsley. There's also potential for Zillow to grow by improving execution around touring and its premier agent business, according to the note.
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