Redfin's (RDFN) acquisition by Rocket Companies (RKT) unit Rocket Mortgage could result in a very good outcome for Redfin shareholders, RBC Capital Markets said Tuesday.
The acquisition could help Rocket Mortgage expand its mortgage business by capitalizing on Redfin's traffic and agent network, RBC said.
"Rocket's stated approach could potentially unlock value and thus, we'd view this as a very good outcome for RDFN shareholders and wouldn't expect competing bids," the RBC analysts said.
RBC raised its price target on the stock to $12.50 per share from $8.00 and retained its sector perform rating.
Price: 8.86, Change: +0.01, Percent Change: +0.06
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