Redfin's slump worsens
Housing market risks weigh on stock. ?Redfin Corp. shares sank Wednesday as the outlook for the housing market weakens. Shares of the digital real estate company fell 8.5% Wednesday after Needham & Co Inc. analyst Bernie McTernan cut his housing market forecast for 2023 and lowered revenue estimates for Redfin and its peers Zillow Group Inc. and Compass Inc. McTernan said in a note Wednesday that he is “taking a more conservative approach” to Redfin’s future market share gains, especially in 2024. “We think management has the right sense of urgency to get the cost structure in the right spot (layoffs, price increase) but it is unclear how much further there is to go on these measures, making market growth and market share gains increasingly important,” McTernan wrote in a note. Total volume for US home sales is expected to be down
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