Zillow (ZG, Financial) reported better than expected earnings for the third quarter. The company continued to expand its new fast-paced home buying and selling operation (its “Homes” segment) while executing better on its legacy listings business. The addressable market for Zillow’s Homes segment is very large and, in our view, continues to represent significant potential upside for the stock.
From First Eagle Investment (Trades, Portfolio)'s Fund of America fourth-quarter 2019 commentary.
