UPDATE: Citi Assumes Opendoor Technologies (OPEN) at Buy

Citi analyst Nicholas Jones assumes coverage on Opendoor Technologies (NASDAQ: OPEN) with a Buy rating and a price target of $40.00.

The analyst comments "We are resuming coverage of OPEN with a Buy rating and a $40 target price after a brief period of restriction. We continue to see a large opportunity for OPEN that is in its early days. OPEN’s ability to execute in a real estate market where, ostensibly, home sellers have never had it easier, gives us confidence that its model is robust. We are also updating our model to reflect 2Q results and updated outlook. Our top- and bottom-line estimates move higher on better guidance than we originally estimated. Accordingly, our target price increases to $40, from $34, on our higher estimates."

For an analyst ratings summary and ratings history on Opendoor Technologies click here. For more ratings news on Opendoor Technologies click here.

Shares of Opendoor Technologies closed at $19.99 yesterday.

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