Zillow, Inc. NASDAQ:Z, News Corporation NASDAQ:NWSA - Cowen Throws In The Towel: Drops Zillow PT 33% Prior To Q2 Earnings Last Friday, Cowen and Company analyst Thomas Champion published a report downgrading Zillow Group Inc Z 2.81% from Market Perform to Underperform (Sell). Champion estimated "that subs growth declines to 9 percent in 2Q and 3 percent in 3Q. Low subs growth means average spend (ARPA) will need to be the primary lever of topline growth." He noted another troubling trend, "Trulia desktop Unique Visitors (UVs) declined y/y the last four months; on the mobile side, user growth has decelerated the last three months." Related Link: Zillow's DotLoop Acquisition Is Direct Competition To Realtors DocuSign Based on Cowen's estimates, News Corp NWSA 0.27%'s Realtor.com is now second to Zillow in users on both desktop and mobile. Source: comScore; Cowen and Company Champion feels that Trulia strategy may need additional marketing support in order to reverse the trend and combat an "insurgent" Realtor.com. Tale Of The Tape During the past 52 weeks, Zillow has traded in a range of $75.77–$148.54 per share. As of... More