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 OPENwith 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.
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