Why Opendoor Technologies Stock Bounced Higher Today
A prognosticator's recommendation upgrade was a key reason why investors piled into real estate tech stock Opendoor Technologies (NASDAQ: OPEN) on Wednesday. The company's share price rose by over 8% on the day, which was a far better result than the essentially flat performance of the S&P 500 index.
The firm behind the change was Gordon Haskett, which now rates Opendoor stock a hold; previously it tagged the company's shares with an underperform (i.e., sell). Interestingly, Gordon Haskett reduced its price target as it did so, whittling it down to $2.25 per share from the preceding $2.50.
The firm clearly believes at least some American real estate stocks have reached their fair value. It also upgraded online sales portal Redfin to hold from underperform. Similarly it cut its price target on Redfin, to $7 per share from $8.
Source Fool.com
