Eric Jackson Now Assumes 'Nearly Double' Upside In OPEN Despite A Bullish 1540% Target For 2028: 'May Have Been Too Conservative' - Opendoor Technologies (NASDAQ:OPEN)

Core Insights - EMJ Capital's Eric Jackson suggests that his previous price target for Opendoor Technologies Inc. may be too low due to significant operational changes under new leadership, potentially doubling the company's revenue upside [1][2] Company Performance - Jackson's revised forecast indicates a potential share price of $82 by 2028, representing a 1,540% increase from the current price of $5, suggesting that the company's growth potential may have been underestimated [2] - Since CEO Kaz Nejatian took over in September, Opendoor's weekly home acquisitions have increased from 131 to 442, marking a 3.4x growth in just five months [3] Strategic Shift - Jackson emphasizes that Opendoor is evolving into a "housing-fintech platform," similar to the turnaround seen at Carvana, where the physical home serves as a distribution channel for high-margin financial products [4] - The introduction of a new 4.99% mortgage beta indicates that Opendoor is successfully applying a "Shopify playbook" to the real estate sector [5] Financial Projections - The Bloomberg consensus estimates FY2026 revenue at $4.2 billion, but Jackson believes the current acquisition pace suggests revenue could be nearly double that amount [6] - A 40% reduction in headcount positions the company for significant operating leverage, which investors have yet to fully recognize [6] Stock Performance - Opendoor's stock has declined 24.81% over the last six months but is up 14.24% year-to-date, underperforming broader market indices [7] - The stock was 323.73% higher over the past year, but it experienced a 2.40% drop in premarket trading on Monday [7]