Redfin price target lowered to $4 from $7 at Piper Sandler

Piper Sandler lowered the firm’s price target on Redfin (RDFN) to $4 from $7 and keeps an Underweight rating on the shares. The firm notes the company reported another mixed quarter last week. Results for Q4 were generally at or below the prior guidance ranges, with profitability remaining a work in progress. The model appears in transition with the move to Redfin Next & Rentals reconfiguration, Piper adds.