Redfin price target raised to $12.50 from $9.50 at Stephens

Stephens raised the firm’s price target on Redfin (RDFN) to $12.50 from $9.50 and keeps an Overweight rating on the shares. Redfin “took a step back” in Q3 with a revenue and EBITDA miss, partly due to the lighter revenue but more so due to about $4M in one-time costs not added back, the analyst tells investors. With the stock up 63% over the last three months, the firm thinks this could result in a pullback, but it would be buyers on weakness as it thinks Redfin is soon to exit a temporary air pocket created by its “transformational” shift to Redfin Next, which the firm calls “a very promising development.”