Zillow Group Inc: What GOOGL Home Listing Ads Mean for Zillow

Research evidence excerpt

Zillow Group Inc: What GOOGL Home Listing Ads Mean for Zillow

Update

June 11, 2026 07:17 PM GMT

Morgan Stanley & Co. LLCMZillow Group Inc | North America Matthew Cost

Equity Analyst

What GOOGL Home Listing Matthew.Cost@morganstanley.comBrian Nowak, CFA +1 212 761-7252

Brian.Nowak@morganstanley.com +1 212 761-3365

Ads Mean for Zillow Cela VanLieshout

Research Associate

Cela.Vanlieshout1@morganstanley.com +1 212 761-2679

GOOGL is launching for-sale home listings in search results Julian Herrera

nationwide. While we see Z as arguably insulated near term this Research Associate

Julian.Herrera@morganstanley.com +1 212 761-1784

speaks to longer-term competition from agentic tools for Gregory Gao

discovery and broker marketing dollars. We detail what to watch ResearchGreg.Gao@morganstanley.comAssociate +1 212 296-3125

from here and potential impact on GOOGL search revenue. Kavya A Narayanan

What Happened? After running a limited test in December, GOOGL is launching a Kavya.Narayanan@morganstanley.com +1 212 761-4183

Nikhil Javeri

new feature nationwide, which places for-sale home listings directly into search Research Associate

results, using MLS data. The listings include details and photos of properties, as well Nikhil.Javeri1@morganstanley.com +1 212 761-3742

as links to request tours with brokers who are identified as advertisers in GOOGL's

Ad Center.

Exhibit 1: GOOGL is testing a new feature that places for-sale home listings

directly into search results, using MLS data

Zillow Group Inc (Z.O, Z US)

Internet | United States of America

Stock Rating Equal-weight

Industry View Attractive

Price target $70.00

Shr price, close (Jun 10, 2026) $33.93

Mkt cap, curr (mm) $8,131

52-Week Range $93.88-33.91

Source: Google, Morgan Stanley Research