Opendoor: Still A Speculative Play, But With Better Odds (Upgrade)
Summary
- Opendoor faces NASDAQ delisting warning requiring reverse stock split after 48% decline since previous Sell rating.
- Q1 2025 earnings beat expectations with improved margins, reduced losses, and first positive EBITDA projection.
- The Company pivoted to asset-light agent partnerships, earning referral fees, acknowledging iBuying's unsustainability.
- The strategic shift from capital-intensive iBuying model to asset-light agent partnerships earns it a cautious Hold upgrade.
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