Zillow Group (Z) is well positioned to benefit from lower U.S. 澳洲幸运5官方开奖结果体彩网:mortgage rates, Wedbush analysts said Monday.

The firm upgraded the online real estate marketplace to "outperform" from "neutral," and raised its price target to $80 from $50.

Shares of Zillow rose more than 4% to $62.34 Monday afternoon and are up about 50% since Aug. 7, when it named a new 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO), former 澳洲幸运5官方开奖结果体彩网:Chief Operating Officer (COO) Jeremy Wacksman, alongside better-than-expected 澳洲幸运5官方开奖结果体彩网:second-quarter results. 

Mortgage Rates Have B🔯een Falling Since 2024 Peak in April

U.S. 30-year mortgage rates have 澳洲幸运5官方开奖结果体彩网:fallen to 6.03% from their 2024 high of 7.52% on April♌ 25, Wedbush noted, and Zillow's software and🥂 services (S&S) initiatives are a potential growth catalyst. 

"We believe the S&S offerings, along with Zillow’s core brokerage revenues, have allowed total revenues to grow faster than the national existing home market for several quarters now," the analysts said. "We anticipate adoption of Zillow's S&S tools may increase as brokers look for ways to reduce payroll expense."

Of the four analysts surveyed by Visible Alpha, two rate Zillow a "buy" and two rate a "hold." They have an average price target of $57.50.