Barclays Upgrades Anywhere Real Estate Inc. (HOUS) to Equalweight

Barclays analyst Matthew Bouley upgraded Anywhere Real Estate Inc. (NYSE: HOUS) from Underweight to Equalweight with a price target of $11.00 (from $3.50).

The analyst comments: "At a national level, we estimate that COMP accounts for 6% of national transaction volumes, while HOUS's owned brokerage has a 4% share, together numbers that would likely be of little concern from an antitrust perspective. However, noting the above '30-30 Vision', we believe that COMP and HOUS both likely have much larger market shares in core high-end markets, places like New York City, San Francisco, Los Angeles, South Florida, and Long Island. Its combined market share could potentially be expected to grow further if external agents in these markets see the combined entity as dominant (especially if the industry moves to more private listings). We are also not sure how authorities will treat HOUS's Franchise business (another 8% national market share), although these are separate individual companies. We imagine that COMP/HOUS can point to the idea that individual agents even within the same firm compete with each other, while most brokerage & franchise brands also operate at different price points, and price points could be another way to define individual markets rather than just geography."

For an analyst ratings summary and ratings history on Anywhere Real Estate Inc. click here. For more ratings news on Anywhere Real Estate Inc. click here.

Shares of Anywhere Real Estate Inc. closed at $10.29 yesterday.

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