DA Davidson upgraded Redfin to Neutral from Underperform with a price target of $8, down from $8.50. The stock’s 55% decline since July 12 creates a more balanced risk/reward, the analyst tells investors in a research note. In addition, the firm’s analysis of Redfin’s share of U.S. for-sale home listings suggests that the company has managed to “steadily eek out” some listings share improvement since the end of July. Davidson believes the company “still has some optionality” and potential strategic value.
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