Macroeconomic ChallengesThe macroeconomic environment will remain a key concern that investors have, affecting Zillow Group's performance.
Regulatory UncertaintyThere is regulatory uncertainty, including potential gradual impact from the NAR settlement and Department of Justice intervention, which influences the neutral rating.
Valuation ConcernsZG trades towards the high end of our coverage on 2025 multiples, which is seen as a full valuation, particularly given ZG's SBC-heavy EBITDA/FCF relative to comps.