Opendoor Technologies Analyst Sees Room For Multiple Expansion From Current Levels, Particularly In 2H23

JMP Securities analyst Nicholas Jones reiterated Market Outperform rating on shares of Opendoor Technologies Inc OPEN, with a price target of $3.
Based on the news that the company is cutting 560 positions, which Reuters reported, the analyst continues to see room for "multiple expansions" in 2H23, assuming market normalization.
Nicholas expects the reduction in the workforce to reduce expenses by $25 million to $50 million on an annualized basis. The announcement followed a previous round of layoffs in November when the company cut 550 jobs.
This apart, with nearly $1.3 billion in cash and equivalents as of 4Q22, JMP Securities expects Opendoor Technologies to have ample liquidity to navigate the challenging macro and industry backdrop near term.
Price Action: OPEN shares are trading lower by 6.21% at $1.59 on the last check Wednesday.