Piper Jaffray Remains Bullish on Realogy Holdings (RLGY) as Markets Remains Pressured
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Stifel Upgrades PayPal (PYPL) to Buy Following 'Solid' Q3 Results
- RBC Capital Neutral on GE's (GE) Q3 Report, Outlook; Reaffirms at 'Outperform'
- Jefferies Cuts Price Target on Packaging Corp. (PKG) to $93; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesPiper Jaffray, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!