We increased our existing position in US based property platform Zillow last week for the International Equities Portfolio, up from a 3% weighting to a 5% weighting. Overnight, Wedbush Analyst Jay McCanless became the most bullish on the street, increasing his price target from $US50 to $US80 underpinning a 4.8% rally in the shares. The call is predicated on improving macro conditions underpinning better volumes through their platform, in terms of listings and financing, which is very much aligned with our thesis on the stock.
- We retain ZG US as our preferred property platform stock globally.
MM is long & bullish ZG US
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