Realogy (RLGY) PT, Estimates Cut at Piper Jaffray Following Disappointing Results, Outlook
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- 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
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- Microsoft (MSFT): Still Grossly Overvalued - Jefferies
- Imperial Capital Raises Price Target on American Airlines (AAL) Following 3Q EPS Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray
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!