Zillow (NASDAQ:ZG) shares rose more than 10% on Tuesday following an upgrade by Piper Sandler analysts. The firm expressed optimism regarding the prospects of the real estate technology company for several reasons. Firstly, they expect Zillow to continue gaining market share through its Premier Agent program. Secondly, they highlighted the company's potential for growth through product innovation, various options, and new initiatives. Lastly, the analysts anticipate an improvement in the housing market, with sequential advancements projected until 2024.

Considering these factors, the analysts decided to raise the price target for Zillow by 48% to $62, emphasizing that the current stock price reflects a discount of around 25% compared to the period between 2015 and 2018, based on the EV/NTM EBITDA valuation metric.