Redfin price target lowered to $7 from $8 at Citi

Citi analyst Ygal Arounian lowered the firm’s price target on Redfin to $7 from $8 and keeps a Neutral rating on the shares. The company reported a better than expected Q1 on both the top and bottom lines, with the Q2 guidance also coming ahead on revenue, the analyst tells investors in a research note. The firm says this is notable in what continues to be a difficult housing macro environment and highlights that Redfin’s efforts to improve its fundamentals are working more consistently and beginning to pay off.