Offerpad Solutions price target lowered to $9 from $12 at JMP Securities

JMP Securities analyst Nicholas Jones lowered the firm’s price target on Offerpad Solutions to $9 from $12 and keeps an Outperform rating on the shares. Offerpad Solutions delivered mixed Q1 results, with revenue ahead of consensus estimates, but adjusted EBITDA coming in below the Street’s expectations, and guidance for Q2 softer than expected on both the top and bottom lines, the analyst tells investors in a research note. The firm would have liked to see better guidance, but notes there were several positive takeaways from the quarter, including solid progress from Offerpad’s asset-light platform services.