Redfin stock sinks after downbeat outlook, housing demand update, but two analysts double their price targets
Shares of Redfin Corp. sold off Friday, after the real estate services company’s outlook for first-quarter losses was wider than what Wall Street expected, and said the housing market recovery has stalled as mortgage rates have climbed.
But the company also reported fourth-quarter losses that more than doubled, but were narrower than expected, and revenue fell less than forecast, leading two non-bullish analysts to more than double their stock price targets. Oppenheimer’s Jason Helfstein boosted his price target to $7.00 from $3.21, citing increased valuations of Redfin’s real estate peers, but reiterated the underperform rating he’s had on the stock since November 2022 because “real estate growth and profitability remain strained by the uncertain but improving macro[economic] outlook.”
For the first quarter, the company said it expects a net loss of between $116 million and $105 million, which compares with the current FactSet loss consensus of $84.3 million. The company also expects revenue of between $307 million and $324 million, which was above the FactSet consensus of $295 million.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Investors back off from the housing market, buying half as many homes than a year ago, Redfin saysInvestor home purchases fell 46% year-over-year in the fourth quarter, a new report finds.
Les mer »
Shopify stock falls 5% as forecast disappoints amid escalating Amazon rivalry, price increasesShopify produced a better holiday quarter than expected, but a forecast for slowing revenue growth hit the stock in late trading.
Les mer »
Hasbro stock price jumps after Magic: The Gathering hits $1 billion markHasbro jumps after earnings reveal Magic: The Gathering has boomed to become $1 billion brand
Les mer »
We're adding to our position in this industrial, while raising our rating on the stockInvesting Club: We're adding to our position in this industrial, while raising our rating on the stock
Les mer »
Analysts like Airbnb's latest earnings but still see risks for the short-term rental stockAirbnb's latest quarterly earnings outperformed expectations, but most analysts are still concerned about the stock going forward.
Les mer »
Turkey's stock market soars as government steps in after earthquake | CNN BusinessTurkey's stock market soared Wednesday on the first day of trading after a suspension triggered by a devastating earthquake.
Les mer »