Analysts are Downgrading These 5 Stocks

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1. Zillow Group, Inc. (NASDAQ:Z)

Number of Hedge Fund Holders: 51

Canaccord downgraded Zillow Group, Inc. (NASDAQ:Z) from “Buy” to “Hold” on Thursday, November 3. Analyst Maria Ripps was primarily moved by the lower-than-expected sales outlook for the fourth quarter.

Ripps believes the latest guidance represents a deteriorating real estate environment, with volatile mortgage rates affecting the customers’ buying power. The analyst also thinks the company’s estimates for 2023 are at risk given the elevated mortgage rates. She trimmed her price target for Zillow Group, Inc. (NASDAQ:Z) from $48 per share to $34 per share.

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The downgrade came a day after Zillow Group, Inc. (NASDAQ:Z) released its Q3 results. While the tech real-estate marketplace company surpassed financial expectations for the quarter, it issued weak sales guidance for Q4.

You can also take a peek at 10 Best Monthly Dividend Stocks To Buy and 12 Best Consumer Staple Stocks.  

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