[VIP] Did Redfin Just Surrender?

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Yesterday, Redfin announced that it was entering into a partnership with Opendoor to become a conduit for Opendoor's direct purchase offers:
SAN FRANCISCO and SEATTLE, July 11, 2019 /PRNewswire/ -- Opendoor and Redfin, two of the nation's largest technology-powered real estate companies, today announced home sellers in Phoenix and Atlanta can now request an Opendoor offer through Redfin's site and mobile apps. By coming together, Opendoor and Redfin are giving homeowners more options for selling their home in a simple and convenient way. Redfin will also continue to expand RedfinNow, its own instant offer service.

The response from at least one analyst, John Campbell of Stephens Inc., is that this is good for both Redfin and Opendoor and a slight short-term negative for Zillow. As he puts it in a Research Brief that went out over email, John says:
We believe that this development is notable for a few reasons including: 1) it offers up a higher margin partnership rev. stream for RDFN, 2) it could be signaling a waning Redfin Now national expansion appetite (which would likely be a positive thing for some investors), 3) it could be the starting point for a larger partnership and potentially even a merger/ acquisition (Opendoor buying RDFN/Opendoor has a private valuation >$4 bil. and well-funded by Softbank) and 4) it helps both companies better compete against Zillow's quickly emerging iBuyer offering.

I guess that's right... but I can't help but read that press release and wonder if this is a tactical retreat or a strategic surrender by Redfin. One thing it is not is a step forward. Perhaps the Q2 earnings results will reveal more information, but I can't see how this is good news for Redfin.
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