Piper Jaffray Remains Bullish on Realogy Holdings (RLGY) as Markets Remains Pressured
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Piper Jaffray reiterated an Overweight rating and $36.00 price target on Realogy Holdings (NYSE: RLGY) as high-cost markets remained under pressure through July. The August and September trends should provide a better sense for the severity and duration of the weakness in those high-cost markets.
Analyst Jason Deleeuw commented, "Existing home sales trends in RLGY’s key high-cost markets (California, NYC metro, Florida) weakened further in July posting significant y/y declines. Home price trends in those markets continued to post y/y gains though at diminished rates. RLGY reported 2Q earnings in early August, so the July actuals and openings were known and provide a better understanding, in our view, for the significant downward guidance revision RLGY provided on its 2Q call. We remain near the low-end of RLGY’s operating EBITDA guidance range for ’16. We remain OW on an attractive FCF yield and re-set earnings expectations, though acknowledge that visibility of stabilizing high-cost market trends is likely needed to turn sentiment."
Shares of Realogy closed at $27.33 yesterday.
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