Douglas Elliman Inc. (DOUG) PT Lowered to $2.50 at Jefferies

Jefferies analyst Peter Abramowitz lowered the price target on Douglas Elliman (NYSE: DOUG) to $2.50 (from $3.00) while maintaining a Buy rating.

The analyst comments "We are updating our DOUG model heading into earnings to reflect the current economic environment, in addition to the impact of the recent $50M debt raise on EPS. Preliminary 2Q results showed transaction volume increasing roughly 50% Q/Q, at a time when the housing market slowed. We think the prospect of more than one rate cut should be a tailwind for DOUG, although we note the housing market is more correlated with rate moves at the long end of the curve."

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