Analyst Brad Berning says the new relationship carries no risks for Zillow beyond the near-term reaction to the headlines and the implied competitive pressure.
Berning doubts people will go to Amazon looking for real estate at any "meaningful scale" and thinks Realogy is moving out of "desperation" to fend of structural headwinds. He estimates the cost of the AMZN program will "pretty much wipe out" RLGY's commissions.
Craig-Hallum maintains a Buy rating and $55 price target on ZG. Zillow has an Outperform average Sell Side rating.
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