.September 16, 2024, 2:49 PM

Zillow Group (NASDAQ:ZG) saw a more than 4% increase in shares after Wedbush analysts upgraded the company to Outperform from Neutral and raised their price target to $80 from $50. The upgrade was based on a positive outlook for Zillow’s core brokerage business, potential benefits from lower mortgage rates, and the growth of its software and services (S&S) initiatives. S&S revenues, part of Zillow’s Residential segment, have been driving overall revenue growth, outpacing the national existing home market. Analysts believe these factors position Zillow for success and justify the higher price target.