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  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
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      "kind": "callout",
      "text": "Return to double digit revenue growth seems optimistic. Even analysts don't believe Zillow's 45% Adj. EBITDA target",
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      "text": "We believe current consensus estimates are too lofty considering Zillow's mounting headwinds and major uncertainty around its new growth initiatives. Consensus estimates are also not giving management any credit for its long-term guidance for 45% Adj. EBITDA margins.",
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      "text": "Source: Bloomberg",
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      "text": "Zillow's Historical and Projected Financials",
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      "text": "We Believe Wall Street's Expectations Are Simply Too High Given Zillow's Struggles",
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