Zillow shares have even more room to run despite their hot start to 2023, according to Piper Sandler. The firm upgraded shares of Zillow to overweight from neutral on Tuesday and lifted its price target to $62 per share from $42. Piper Sandler's forecast implies about 33% upside for the stock from Monday's $46.60 close. Zillow stock has soared 49.3% in 2023. ZG YTD mountain Zillow stock has skyrocketed more than 49% in 2023.
Champion said Zillow's Premier Agent product, which allows real estate agents to create their own profile and track industry metrics and clients, will help drive the stock further as the overall housing market stabilizes after a tough start to the year. Champion noted that estimates from ratings agency Fannie Mae show existing home sales will improve to a 2% year-over-year decline in the fourth quarter from a 32% drop a year earlier.