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Order Reprints Text size An analyst like Redfin as a company, but believes the stock has gotten too expensive. Stephen Brashear/Getty Images for Redfin Redfin stock has been on an astonishing tear. Shares of the online real estate site have rallied more than 275% since the end of 2019, including a gain of 16% so far in 2021. At least one analyst thinks the time has come to take some profits off the table. BTIG analyst Jake Fuller on Tuesday cut his rating on Redfin (ticker: RDFN) to Neutral from Buy after the stock blew past his now-withdrawn $65 price target. The downgrade isn’t about fundamentals Fuller still thinks fourth-quarter results will beat guidance, with accelerating traffic and “high intent” of buying likely to drive strong revenue and gross margin. But he says the valuation has gotten out of hand.

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