JPMorgan Chase Lowers Zillow Price Target to $62

JPMorgan Chase & Co. has lowered its price target for Zillow Group from $76 to $62, according to a recent research note. The firm currently maintains an 'overweight' rating on the company's stock.

The new price target suggests a potential upside of 78.59% from Zillow Group's current market value. This is not the first time the company has been downgraded; in August, Zacks Research lowered its rating from 'strong-buy' to 'hold'. Several other brokerages have also commented on Zillow Group's stock, with Wells Fargo & Company and Piper Sandler reducing their price targets.

Zillow Group's quarterly earnings data, released on August 5th, showed the company topped the consensus estimate of $0.44 EPS with a report of $0.52. Revenue for the quarter was up 17.9% year-over-year at $772 million.