The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.Top 5 Upgrades: Barclays upgraded Zillow Group (ZG) to Equal Weight from Underweight with a price target of $72, up from $66. The firm believes a lot of downside risks are priced into shares. Rosenblatt upgraded Fortinet (FTNT) to Buy from Neutral with a price target of $100, up from $85, ahead of the Q4 report on February 5. ...

Core Insights - George Tong from Goldman Sachs has set a price target of $84 for CoStar Group (NASDAQ:CSGP), indicating a potential upside of 35.88% from its current stock price of $61.82 [1][3] - CoStar reported a 5% increase in U.S. office leasing activity in 2025, with Boston identified as the top growth market [1][4] - CoStar's market capitalization is approximately $26.2 billion, reflecting its significant role in the real estate sector [1][6] Market Performance - The stock price of CoStar Group is currently at $61.82, showing a 4.25% increase or $2.52 on the day, with fluctuations between $58.14 and $62.52 [1][5] - Over the past year, CoStar's stock has experienced significant volatility, reaching a high of $97.43 and a low of $57.01 [1][5] - The trading volume for CoStar's stock on the day is 12.6 million shares, indicating active investor interest [1][6] Company Overview - CoStar Group is a leading player in the online real estate marketplace, providing valuable information and analytics primarily focused on commercial real estate data [2]

Core Viewpoint - Opendoor's stock price experienced significant volatility this week due to Donald Trump's focus on housing affordability, particularly in the housing market [1] Company Summary - Opendoor's stock initially dropped following Trump's proposal to ban institutional investors from purchasing single-family homes, which could impact the company's business model [1]

Core Insights - The landscape of meme stocks is evolving, with retail investors playing a significant role in defining this segment in 2025 [1][2] Group 1: Meme Stocks Evolution - Initially, meme stocks represented a struggle between Main Street and Wall Street, focusing on stocks with high short interest and heavy hedge fund ownership, such as GameStop and AMC [2] - By 2025, meme stocks have shifted towards more speculative areas, including nuclear, clean energy, and crypto-related stocks, while retail investors continue to influence the market [3] Group 2: Retail Investor Impact - Retail investors accounted for 8-10% of U.S. equity market volume before the pandemic, increasing to 20-25% in 2025, and even reaching 35% at times, indicating their growing influence [4] - The behavior of retail investors is becoming more informed and educated, with a broader range of trading options available [4] Group 3: Future of Meme Stocks - High valuations of hyper-growth stocks are justified by strong revenue and earnings growth, but caution is advised regarding these valuations [5] - Emerging areas such as nuclear energy and quantum computing are expected to fuel the next wave of meme stocks in 2026 [5] Group 4: Tesla as a Meme Stock - Tesla's valuation is based on its future potential, particularly in humanoid robotics and robotaxis, with a loyal investor base believing in its transformative potential [6] - Tesla has been labeled the "biggest meme stock" ever, with criticisms regarding its high price-to-earnings ratio and concerns over the board's compensation plan for Elon Musk [7]

Core Viewpoint - Opendoor's stock has rebounded significantly from its all-time low, indicating potential for future growth as the housing market recovers and the company diversifies its business model [2][12]. Company Overview - Opendoor is the largest instant buyer (iBuyer) of homes in the U.S., making cash offers, renovating properties, and relisting them on its marketplace [3]. - The company's capital-intensive model thrives in low-interest environments but struggles when rates are high and the housing market cools [3]. Recent Performance - Opendoor's stock reached a low of $0.51 per share in May but has since risen to nearly $7, turning a $1,000 investment at the low into over $13,000 in seven and a half months [2]. - The company experienced a revenue decline from $8 billion in 2021 to an expected $4.2 billion in 2025, with a significant drop in homes bought from 36,908 in 2021 to a projected 6,535 in 2025 [7]. Financial Metrics - Revenue growth has been volatile, with a peak of 211% in 2021, followed by a decline of 55% in 2023 and an expected further decline of 18% in 2025 [7]. - Adjusted EBITDA margins have turned negative, with a forecast of -1.9% for 2025 [7]. Management Changes and Strategic Moves - Recent management changes include the hiring of Kaz Nejatian as CEO and the return of co-founders to the board, which may lead to more aggressive expansion strategies [8][9]. - The company is enhancing its AI algorithms for property pricing and expanding its marketplace to connect sellers directly with buyers, reducing reliance on its iBuying model [9][10]. Future Outlook - Analysts predict revenue growth of 15% to $4.5 billion in 2026 and 41% to $6.8 billion in 2027 as interest rates decline and the housing market recovers [11]. - If Opendoor achieves its growth targets and trades at three times sales by 2035, its market cap could increase to $88 billion, representing a potential 13-fold increase [12].

Group 1 - The core viewpoint indicates that despite facing multiple pressures, the US economy is showing resilience in 2025, contrasting earlier predictions of potential recession and severe inflation due to tariff policies [1] - Inflation has decreased from its peak in 2022, yet prices remain high, impacting the ability of many Americans to cover basic expenses [1] - Consumers are facing challenges not only in daily shopping but also in achieving financial goals such as buying a first home, saving for retirement, or paying off debt [1] Group 2 - Silver prices are maintaining a bullish trend, supported by clear high and low points, with current prices above the breakout area of $70.65 [2] - The 50EMA has risen to around $66.90, confirming the strength of the trend, while the 100EMA remains significantly lower, indicating no exhaustion of the trend [2] - As long as silver prices stay above $70.65, there is an upward risk towards $73.80 and $75.30, with a trading strategy suggested to buy near $70.70 and target $75.00 [2]

Core Viewpoint - Zillow Group (Z) is currently experiencing a decline in stock price, attributed to Alphabet's Google testing home sales ads in search results, but several banks believe the impact on Zillow will be limited [1][6]. Group 1: Stock Performance - Zillow's stock has decreased by 20% over the past three months and nearly 10% since the news of Google's ad placement emerged on December 12 [4]. - Bernstein maintains a bullish outlook on Zillow, with a price target approximately 50% above the current stock price [1]. Group 2: Financial Performance - In Q3, Zillow's revenue increased to $676 million, up from $581 million in the same period last year [5]. - The company reported a net income of $10 million from continuous operations, a significant improvement from a net loss of $20 million in Q3 of 2024 [5]. Group 3: Market Position and Ratios - Zillow's price-sales ratio stands at 7.6 times, while its price-book ratio is 3.4 times, with a market capitalization of $16.65 billion [4]. Group 4: Industry Impact - RBC Capital suggests that while Zillow may face some challenges from Google's initiative, the impact will not be severe due to potential conflicts with Multiple Listing Service (MLS) distribution rules [6]. - Wells Fargo also predicts minimal financial impact on Zillow, noting that the company derives little traffic from organic search [7].

Core Viewpoint - Opendoor Technologies experienced a significant stock price increase, rising from $0.51 to over $10 in less than three months, marking a gain of more than 2,000% [1] Group 1: Stock Performance and Investor Sentiment - The stock's rally was fueled by interest from meme stock investors on social media platforms, with comparisons made to Carvana, which saw a massive increase after a near bankruptcy [2] - Following the stock's rise, there was pressure from investors for the removal of CEO Carrie Wheeler, who was replaced by Kaz Nejatian in August, alongside a board overhaul that included the return of co-founders Keith Rabois and Eric Wu [3] Group 2: Strategic Changes and Business Model - New CEO Kaz Nejatian has initiated a strategic overhaul, expanding Opendoor's operations to all 50 states and focusing on scaling acquisitions, improving unit economics, and building operating leverage [5][6] - The company's business model relies on selling houses for more than their purchase price and collecting service fees, making it vulnerable to fluctuations in the housing market [6] Group 3: Financial Performance and Market Conditions - Despite a slight decrease in mortgage rates, the housing market remains weak, leading to uninspiring third-quarter results for Opendoor, with revenue declining and adjusted net loss narrowing from $70 million to $61 million [7] - The initial excitement around Opendoor as a meme stock appears to have diminished, with the stock down 40% from its peak in September [8]

Group 1: Company Performance - Compass Inc. (NYSE:COMP) experienced a rebound of 5.13% on Tuesday, closing at $10.87 per share as investors returned following analyst comments regarding competition in the real estate listing market [1] - Wells Fargo provided reassurance to investors by downplaying the potential impact of Google's new real estate listing service on Compass and the overall sector [3] Group 2: Industry Developments - Google is testing a new service that allows users to view real estate listings directly on its search engine, providing detailed property information [2] - Wells Fargo anticipates that Google's entry into the real estate market will have a limited financial impact on Zillow Inc., suggesting that while it may increase traffic costs, disintermediation is unlikely [4] - The approach Google is taking in real estate listings is expected to be similar to its hotel metasearch ad product, which could influence how real estate listings are marketed [5]

Core Viewpoint - Hedge fund manager Eric Jackson is betting on the digital asset treasury (DAT) business model despite criticism from leading stock market index providers [1][6]. Group 1: Eric Jackson and EMJ Capital - Eric Jackson is a tech and media investor who founded EMJ Capital Ltd. in Canada in 2017, utilizing a proprietary AI/ML-driven algorithm to select tech equities [1]. - Jackson gained attention for his bullish comments that led to a more than 1,000% surge in Opendoor Technologies' shares over the last six months [2]. Group 2: Digital Asset Treasury (DAT) Business Model - The DAT model involves companies holding cryptocurrencies like Bitcoin and Ethereum on their balance sheets, similar to cash holdings [3]. - Companies like Michael Saylor's Strategy have pioneered this model, becoming the largest corporate holder of Bitcoin and inspiring others like Tom Lee's Bitmine Immersion Technologies to adopt it [4]. Group 3: Challenges Facing the DAT Model - The DAT model is facing challenges amid a crypto market crash, with MSCI considering excluding companies with over 50% of their assets in digital assets from the MSCI USA Index [6]. - Despite the potential delisting from the index, Jackson continues to pursue the DAT model [8]. Group 4: Recent Developments - On December 16, SRx Health Solutions announced a deal to acquire EMJ Crypto Technologies, led by Jackson, who will serve as CEO and chairman of the combined company [9]. - EMJ Crypto Technologies will actively allocate, hedge, and reinvest in crypto assets rather than passively tracking digital asset values [10].