Zillow Group price target raised to $70 from $55 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Zillow (Z) Group (ZG) to $70 from $55 and keeps a Buy rating on the shares. While the housing market remains challenged and is likely to keep bouncing along the bottom, the firm points out Zillow delivered 17% revenue growth. This is in part to recent successes in Rentals and Financing, both of which speak to management’s innovative approach to finding new paths to monetization, Craig-Hallum says. Zillow continues to reflect its dominance in the category, and the firm continues to point to a very reasonable valuation multiple on a trough macro, which should pay dividends as economic conditions improve and rates moderate.