Wednesday, June 8, 2016
Here’s Why Shares of Zillow Are Trading Higher on Tuesday: TheStreet
Published on 7 Jun 2016
Shares of Zillow traded higher in Tuesday's session after the online real-estate database announced it had reached a settlement with rival Move. The settlement deal averts a trial which would've taken place later this month. Move and the National Association of Realtors were seeking up to $2 billion in damages over allegations that Zillow executives brought trade secrets with them when they left Move in 2014. Zillow settled the suit for just $130 million dollars. On word of the settlement, Barclays upgraded Zillow's shares to EQUAL WEIGHT from UNDERWEIGHT. The firm also raised the stock's price target to $32 from $20. This year, Zillow shares are up 37 percent.