Wells Fargo initiated coverage of Zillow (Z) Group (ZG) with an Equal Weight rating and $62 price target. The firm notes that the outlook for growth drivers mixed and agent checks on residential initiatives are also mixed. Wells believes that it is likely more challenging to grow residential revenue faster than Existing Home Sales in 2025 and 2026. The firm is more positive on Mortgage, expecting an enhanced market rollout to increase attach and service levels improving. Wells expects limited impact from CSGP/Homes.com competition.
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