Piper Jaffray Remains Bullish on Realogy Holdings (RLGY) as Markets Remains Pressured

August 30, 2016 7:05 AM EDT
Get Alerts RLGY Hot Sheet
Price: $24.36 -0.41%

Rating Summary:
    11 Buy, 5 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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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."

For an analyst ratings summary and ratings history on Realogy click here. For more ratings news on Realogy click here.

Shares of Realogy closed at $27.33 yesterday.

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