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Benzinga
Benzinga
Business
Wayne Duggan

Analyst Remains Bearish On Real Estate iBuyers: 'Fundamentals Are Going To Turn Worse Before They Get Better'

iBuyers Curtis Nagle Zillow Housing Market United States Nasdaq Keybanc Opendoor Redfin

The National Association of Home Builders/Wells Fargo Housing Market Index fell three points in September to 46, a bearish reflection of current U.S. homebuilder sentiment. While some investors see the weak housing market as an investment opportunity, Bank of America analyst Curtis Nagle said Monday that it's still too early to be buying the dip in leading iBuying stocks.

The Analyst: Nagle reiterated Underperform ratings on Zillow Group Inc (NASDAQ:ZG), Redfin Corp (NASDAQ:RDFN) and Opendoor Technologies Inc (NASDAQ:OPEN). He has a $5.25 price target for Opendoor, a $7 target for Redfin and a $31 target for Zillow.

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