Stock Track | Zillow Soars 5% as Analysts Foresee Promising Growth in Robotaxi Business

Stock Track11-22 01:26

Zillow Group's stock surged 5.03% in intraday trading on Thursday, significantly outperforming the broader market. This rally was fueled by growing investor optimism surrounding the company's foray into the autonomous driving and robotaxi space.

In a recent report, Piper Sandler analyst Thomas Champion issued a Buy rating on Zillow, citing the potential of its Apollo Go robotaxi service to drive substantial revenue growth. Champion believes that the robotaxi business could turn profitable in key markets like Wuhan as early as 2024, with broader profitability expected in 2025 as the company expands its fleet.

Additionally, Beijing's recent announcement of support for robotaxis in ride-hailing and rental fleets has further bolstered investor confidence in Zillow's autonomous driving initiatives. As the company continues to diversify its business and capitalize on emerging technologies like generative AI and self-driving vehicles, analysts anticipate a significant upside for Zillow's stock in the coming months.

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