Realogy (RLGY) PT, Estimates Cut at Piper Jaffray Following Disappointing Results, Outlook
- Wall St. touches two-week high on deals, strong earnings
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- TD Ameritrade (AMTD) to Acquire Scottrade in $4B Cash & Stock Deal
- Pre-Open Stock Movers 10/24: (BEAV) (JPEP) (HLT) Higher; (BAS) (INO) (ADRO) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your 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
- Oppenheimer Raises Price Target on Microsoft (MSFT) to $65 Following 1Q Beat
- Goldman Sachs Starts Hertz Global (HTZ) at 'Sell' and Avis Budget (CAR) at 'Neutral'
- Seaport Global Securities Upgrades Tutor Perini Corporation (TPC) to Buy
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!