Zillow Group price target raised to $60 from $57 at Benchmark

Benchmark analyst Daniel Kurnos raised the firm’s price target on Zillow Group to $60 from $57 and keeps a Buy rating on the shares ahead of the company reporting Q4 results. While the firm says it would “normally be cautious around an initial annual outlook, especially from a margin perspective,” it cites reasons to be “optimistic around the potential content and color from management.” Namely, it thinks 2024 will be “a pivotal year for Zillow’s revamped monetization platform,” which suggests investors might get a more positive view around the product roadmap and early returns on efforts; it believes some of the recent share price optimism has been related to expectations around defraying or outlining the case for minimal litigation risk; and the firm sees a much lower margin bar, which it contends is “what tends to drive stock performance.”