Redfin upgraded to Buy from Neutral at B. Riley

B. Riley upgraded Redfin to Buy from Neutral with a price target of $13, up from $7.50. The firm cites improving business fundamentals for the upgrade. Redfin is seeing structural improvements in its core brokerage business with the introduction of Next, which position the business favorably for growth and profitability as real estate cycle turns, the analyst tells investors in a research note. Riley also sees the likelihood of a more favorable macro backdrop as interest rates are lowered over the next several months. It believes Redfin’s EBITDA margin is on track to inflect to positive in 2025 and expand further from there.