Piper Jaffray Reiterates Overweight on Realogy Holdings (RLGY)

Piper Jaffray analyst, Jason Deleeuw, reiterated an Overweight rating and $32.00 price target on Realogy (NYSE: RLGY) after traveling with the company's executive management team. Deleeuw believes that RLGY’s goal is to drive EBITDA growth next year and eventually margin expansion on the expectation that organic growth and operating leverage can outstrip higher commission splits.

Piper Jaffray believes that, over time, sustained organic agent growth can drive EBITDA margin expansion with the commercial real estate space/rent and technology solutions deployed into a scaled agent ecosystem being the key leverage points. RLGY remains confident in its 3Q volume guidance of 3% to 6% growth. RLGY gave the guidance after seeing its July closed and open transactions.

For an analyst ratings summary and ratings history on Realogy click here. For more ratings news on Realogy click here.

Shares of Realogy closed at $21.24 yesterday.

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