Eric Jackson Now Assumes 'Nearly Double' Upside In OPEN Despite A Bullish 1540% Target For 2028: 'May Have Been Too Conservative'

EMJ Capital's Eric Jackson is signaling that his sky-high price target for Opendoor Technologies Inc. (NASDAQ:OPEN) may still be too low, citing a radical operational shift under new leadership that could nearly double the company's projected revenue upside.

A ‘Conservative’ 1,540% Return

In a stunning reassessment of the iBuying giant, Jackson noted that his previous forecast of $82 per share by 2028—representing a massive 1,540% climb from the current $5 price point—might actually be understating the company’s potential.

“I now think I may have been too conservative,” Jackson stated, pointing to a massive acceleration in business velocity that is outpacing current Wall Street models.

The primary driver for this shift isn’t a recovery in the broader housing market, but rather a change in internal execution. Since CEO Kaz Nejatian took the helm in September, Opendoor's weekly acquisitions have surged from 131 homes to 442 homes—a 3.4x increase in just five months.

The ‘Shopify Playbook’ In Housing

Jackson argues that the market is failing to account for Opendoor's evolution into a “housing-fintech platform.”

Drawing parallels to the turnaround seen at Carvana Co. (NYSE:CVNA), Jackson highlighted that the physical home is merely the distribution channel for high-margin financial products like mortgages, title, and insurance.

“The old debate was whether iBuying works,” Jackson noted. “The better question now is whether Opendoor is quietly becoming a housing-fintech platform. That's a very different multiple.”

He specifically pointed to the new 4.99% mortgage beta as a sign that the “Shopify Inc. (NASDAQ:SHOP) playbook” is being successfully applied to real estate.

Operating Leverage And Revenue Growth

While the Bloomberg consensus, as stated by Jackson, puts FY2026 revenue at $4.2 billion, he contends the current acquisition pace implies “nearly double that.”

Combined with a 40% reduction in headcount, the analyst believes the company is positioned for massive operating leverage that investors have yet to price in.

If this momentum holds, Jackson suggests the timeline for his $82 target could be “pulling forward” significantly.

OPEN Tumbles Over 14% YTD

OPEN has declined 24.81% over the last six months and is up 14.24% year-to-date, significantly underperforming broader indices.

The stock was 323.73% higher over the year. On Monday, the stock was 2.40% lower in premarket.

Benzinga’s Edge Stock Rankings indicate that OPEN maintains a weaker price trend over the short and medium terms but a strong trend in the long term.

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