Offerpad Solutions price target lowered to $5.50 from $9 at JMP Securities

JMP Securities analyst Nicholas Jones lowered the firm’s price target on Offerpad Solutions to $5.50 from $9 and keeps an Outperform rating on the shares. Offerpad delivered softer-than-expected Q2 results and Q3 guidance amid persistent macro and industry volatility, prompting management to adjust its buy box to focus more on wider margins per home and less on volume, the analyst tells investors in a research note. JMP remains encouraged by management’s cost discipline, which led to an improved gross margin for the third consecutive quarter.