Movement Alert｜Zillow Falls 5.23% in Regular Trading, RBC Slashes Target Price to $70 Citing AI Overhang

Market Focus06-11

On June 11, Zillow fell 5.23% in regular trading, trading around $32.16 per share, with turnover of approximately $84.85 million.

On the news front, RBC Capital Markets significantly cut its target price on Zillow from $95 to $70, a 26% reduction, while maintaining an outperform rating. The firm noted that despite limited underlying business risk, LLM product innovation and increasingly sophisticated agentic aggregation capabilities from Alphabet's Google are likely to remain a persistent valuation overhang for digital marketplaces in the foreseeable future.

RBC estimated that Zillow's actual profit exposure stands at just 1% to 4% in a worst-case scenario, assuming indirect traffic between 15% and 20%. However, the firm argued that a more appropriate discounting of AI's potential deflationary effect on internet marketplaces is warranted, effectively lowering the ceiling for investor sentiment. Additionally, recent insider selling has further weighed on market confidence.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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