Realogy (RLGY) PT, Estimates Cut at Piper Jaffray Following Disappointing Results, Outlook
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Piper Jaffray analyst Jason Deleeuw reiterated an Overweight on Realogy (NYSE: RLGY) but cut his price target to $36.00 (from $46.00) following disappointing 2Q results and outlook for ’16 as soft high-end markets and agent retention hurt NRT segment results.
Deleeuw commented, "NRT’s more heavily-weighted geographic footprint in higher-end markets is proving to be an Achilles’ heel, while RFG segment (franchise) results continue to track solid industry fundamentals. We lower our ’16 operating EBITDA estimate to $765M (vs. $760M-$800M guidance range) and forecast modest operating EBITDA growth in ’17 to $790M on cost saves and stabilizing agent retention and high-end volume trends. Our PT moves lower to $36, but we remain OW as RLGY’s shares offer a ~12% FCF yield as the business works through a cyclical headwind in certain high-end markets."
The firm cut FY 2016 EPS from $2.00 to $1.51 and FY 2017 EPS from $2.23 to $1.60.
Shares of Realogy closed at $26.14 yesterday.
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