- JMP Securities analyst Nicholas Jones reiterated Market Outperform rating on shares of Opendoor Technologies Inc (NASDAQ:OPEN), with a price target of $3.
- Based on the news that the company is cutting 560 positions, which Reuters reported, the analyst continues to see room for “multiple expansions” in 2H23, assuming market normalization.
- Nicholas expects the reduction in the workforce to reduce expenses by $25 million to $50 million on an annualized basis. The announcement followed a previous round of layoffs in November when the company cut 550 jobs.
- This apart, with nearly $1.3 billion in cash and equivalents as of 4Q22, JMP Securities expects Opendoor Technologies to have ample liquidity to navigate the challenging macro and industry backdrop near term.
- Price Action: OPEN shares are trading lower by 6.21% at $1.59 on the last check Wednesday.
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