Internet: What Did We Learn from COMP, RVLV, MNTN, & OPEN?

Research evidence excerpt

M

Update

August 5, 2026 06:07 AM GMT

Morgan Stanley & Co. LLC

Internet | North America

Matthew Cost

Equity Analyst

What Did We Learn from

COMP, RVLV, MNTN, & OPEN?

Nathan Feather

Equity Analyst

Brian Nowak, CFA

Equity Analyst

Kavya A Narayanan

What’s Changed

Research Associate

Compass, Inc. (COMP.N)

From

To

Price Target

$12.50

$14.00

Cela VanLieshout

Research Associate

Revolve Group Inc (RVLV.N)

Price Target

$27.00

$29.00

We detail key takeaways from COMP, RVLV, MNTN, and OPEN

earnings.

COMP (EW, $14 PT): Strong 2Q as Integration Execution Continues to Impress

Ethan Kim

Research Associate

Internet

North America

Industry View

Attractive

Our View From Here: We view the company's three-phase marketing strategy and

technology investments as important share gain levers, though consistent

outperformance from here may require improving residential fundamentals

alongside continued execution.

Key Learnings: COMP delivered another strong quarter, with revenue/EBITDA

7%/16% above us, as continued market share gains and faster-than-expected synergy

realization drove results. The company continued to outpace the market, with pro

forma Brokerage GTV up 16% y/y (vs. market +6%) and brokerage transactions up

7% (vs. market +4%). Management raised its year-one actioned synergy target to

$330mn (vs. $300mn prior) after achieving the original target five months ahead of

schedule, while increasing expected 2026 realized synergies to $220mn (vs.

$200mn prior). The company also highlighted encouraging early traction from its

technology rollout, with the Home platform now live across acquired brokerage

brands, AI Assistant adoption accelerating, and over 60,000 Rocket-Redfin leads

generated since launching Coming Soon listings earlier this year. Management

remained vocal on industry structure, arguing increasing MLS flexibility and broader

adoption of its three-phase marketing strategy continue to strengthen Compass'

competitive position. Turning to our model, we raise our '26/'27 EBITDA estimates by

8%/3% to reflect stronger-than-expected synergy realization while leaving our

housing assumptions largely unchanged. We remain EW and raise our PT to $14.00

…