Evercore ISI upgrades Zillow on housing market recovery, sees 45% upside potential

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Evercore ISI analysts upgraded Zillow Group (NASDAQ:ZG) to Outperform from In Line with the price target raised to $61 per share from the prior $34.

The new price target implies an upside potential of about 45% relative to Friday’s closing price. Analysts shared 5 key reasons behind today’s upgrade.

Analysts added that today’s upgrade is also a macro call as the housing market is “either already beginning to recover or will very soon do that.”

Zillow shares are up about 5% in pre-open Monday.