Redfin
stock has been hit hard by a slowdown in the housing market. But an analyst says the real estate broker might also have fundamental problems with its business model.
Oppenheimer analyst Jason Helfstein downgraded
Redfin
stock (ticker: RDFN) to Underperform from Perform in a research note published Sunday and set a 12-month price target of $1.30. The analyst says the company’s business model doesn’t work, especially during a housing market slowdown.