Why Redfin's Shares Dropped Today
Shares of Redfin (NASDAQ: RDFN) fell 7.5% on Friday, following an analyst downgrade.
Citing valuation concerns and economic uncertainty due to the COVID-19 crisis, RBC Capital analyst Mark Mahaney cut his rating on Redfin's stock from "outperform" to "sector perform." He did, however, maintain his $41 target price.
"Valuation has crept up to an extent we see the risk-reward reasonably balanced, given larger macro uncertainties," Mahaney said.
Source Fool.com
