KeyBanc Downgrades Zillow After Quarterly Results and Lower Guidance

KeyBanc Capital Markets moved Zillow Group to Sector Weight from Overweight on Monday, Nov. 9, after the real estate company posted disappointing third-quarter earnings and lowered its outlook amid difficult housing conditions.

Separately, Zillow’s outlook put fourth-quarter U.S. existing-home sales projections between 2.8% and 3.5% below the year-earlier period. The range varies by measurement method, and the two measures are not directly interchangeable; see the earlier forecast coverage.