Zillow Group price target lowered to $65 from $72 at UBS

UBS lowered the firm’s price target on Zillow Group to $65 from $72 and keeps a Buy rating on the shares, citing a lower likelihood of a bottom of cycle turn in the housing market. Zillow is well positioned to take share in a post-NAR settlement world and UBS thinks the new requirements around buyer agreements could accelerate Zillow’s ability to take share considering conversion rates are 20% higher in Connecticut vs. the national average, the analyst tells investors in a research note.