Zillow price target raised to $65 from $46 at JPMorgan

JPMorgan raised the firm’s price target on Zillow (Z, ZG) to $65 from $46 and keeps an Overweight rating on the shares. The firm remains positive on Zillow shares into earnings and in 2024, expecting the company’s Q4 results to exceed consensus expectations and for improvements in the housing market to be a tailwind through 2024. The housing market remains at depressed levels, but JPMorgan is seeing growing interest in Zillow shares due to mortgage rates moving down from 8% to mid-6% early in 2024, which is a positive leading indicator for the housing market, the analyst tells investors in a research note.