Real-estate brokerage company Redfin’s shares climbed more than +6% Monday, following a rating upgrade by Stephens.
Stephens analyst John Campbell raised his rating on the stock to overweight from underweight. He also increased his price target to $23 from $18.
Campbell cited Redfin’s market position, strategy, its drive towards e-commerce as factors behind the optimism. He also indicated that Redfin stock is currently at an attractive valuation. He expects improved operating results at Redfin in the near future starting with “impressive 2Q19 results”.