Zillow’s stock surges as analyst says start buying as mortgage rates fall

Shares of Zillow Group Inc. were set to extend their rally toward a more than two-year high on Monday, as falling U.S. mortgage rates and rental revenue strength prompted Wedbush analyst Jay McCanless to turn bullish on the provider of real estate information and brokerage services.

Zillow’s stock was on track to open around the highest prices seen since February 2022, as part of a broad rally in real estate related stocks ahead of the Federal Reserve’s expected interest rate cut later this week.