RBC Capital Cuts Zillow Price Target to $70, Maintains Outperform

RBC Capital lowered its price target on Zillow Group Inc. (NASDAQ:ZG) from $95 to $70, but kept an Outperform rating on the stock. The decision was announced on June 10, as reported by Insider Monkey.

Rating Change

Before the revision, the price target was $95 with an Outperform rating. After the revision, the price target is $70, with the same Outperform rating.

Analyst's Rationale

RBC Capital believes Zillow's enhanced market strategy remains promising. The price target cut reflects adjustments in valuation based on current market conditions, not a deterioration in the company's fundamentals.

Context

Zillow is currently listed among recommended stocks for a "buy-the-dip" strategy. Other analysts have mixed views, but RBC Capital remains optimistic.

What to Make of It

RBC Capital's stance on Zillow remains positive, but the lowered price target suggests caution on near-term valuation. Investors may see a buying opportunity on dips, but should monitor the company's performance closely.