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.
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