B. Riley downgraded Redfin (RDFN) to Neutral from Buy with a $12 price target after Rocket Companies (RKT) agreed to acquire Redfin for $1.75B in an all-stock transaction.
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Read More on RDFN:
- Rocket/Redfin deal modest net negative for Zillow for sale unit, says Barclays
- Rocket Companies announces collapse of ‘Up-C’ structure
- BofA sees Redfin deal as continuation of Rocket’s ‘move up the funnel’ strategy
- Cautious Hold Rating on Redfin Amid Uncertainties in Rocket Companies Acquisition
- Rocket’s acquisition of Redfin increases purchase market opportunity, says UBS
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