It’s time for investors to jump on the Zillow bandwagon, according to JPMorgan. Analyst Dae Lee initiated coverage of the online real estate platform with an overweight rating with a price target of $48 per share. The estimate represents a nearly 20% rise from Friday’s close of $40.50. “We believe Zillow’s leadership as the most visited online real estate platform, core demand generation-based business model, solid margins (26% in ’22), and active share buyback program position Zillow best to navigate [near-term] “In addition, Zillow has a healthy balance sheet to continue to invest through NT headwinds, which should strengthen its leadership position,” he added. , analysts said that the company continues to struggle with macro headwinds, with revenue expected to decline 6% in fiscal 2023 before making a recovery. affordability, mortgage volatility, & low inventory challenges,” Lee wrote. Zillow said earlier this month that average monthly unique users during the fourth quarter remained flat year over year, while visits fell 5% from the year-ago period. “Visibility remains limited by declining seller and buyer sentiment and changes in mortgage rates, but we see the cycle nearing the bottom & recovery likely to begin in 2023,” the analyst said. Zillow shares have risen nearly 30% this year amid a 30% plunge over the past 12 months. Shares fell 2.5% on Monday in premarket trading. — CNBC’s Michael Bloom contributed to this report.