Compass price target raised to $13 from $12 at Oppenheimer

Oppenheimer raised the firm’s price target on Compass (COMP) to $13 from $12 and keeps an Outperform rating on the shares as strong agent retention/productivity, strength in premium-priced listings and opex discipline drove strong Q4 results. The firm notes management is confident that NAR Clear Cooperation rule will end, given already-lax enforcement in “nearly half” of markets, allowing Private Exclusives and Coming Soon listings to showcase the power of the Compass platform, which should improve agent yield and attract the best agents.