Stephens Downgrades Realogy (RLGY) to Equal Weight

Stephens analyst John Campbell downgraded Realogy (NYSE: RLGY) from Overweight to Equal Weight with a price target of $8.00 (from $16.00).

The analyst comments "For starters, we believe that RLGY is going to likely see a depressed multiple until it can prove out sustainability of the model, which likely takes, at least, a few quarters of consistent earnings growth. Second, we believe that RLGY's hands are somewhat tied due to its debt position which makes strategy development incrementally more challenging amidst a market that is beginning to dramatically shift. We continue to have confidence in management, but we believe that patience/time is needed for this one."

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 $7.30 yesterday.

You May Also Be Interested In

• UBS Downgrades Grand Korea Leisure (114090:KS) to Neutral
• Macquarie Downgrades Luk Fook Holdings International Ltd. (590:HK) (LKFLF) to Neutral
• Deutsche Bank Downgrades Synaptics (SYNA) to Hold