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UPDATE: JP Morgan Initiates Realogy Holdings at Overweight; Levered to Housing Recovery

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JP Morgan initiated coverage on Realogy Holdings (NYSE: RLGY) with an Overweight rating and a $42 price target.

JP Morgan noted, "We calculate that RLGY's EBITDA should increase by about $10 million for every percentage point growth in either existing home sales or average home prices. Furthermore, given the company's NOLs and above-average financial leverage, incremental EBITDA should drop to bottom-line cash flow. We think this set of dynamics makes RLGY among the most direct equity trades on the broad U.S. housing market."

Realogy Holdings closed at $37.06 on Monday.

Latest Ratings for RLGY

DateFirmActionFromTo
Oct 2014BarclaysMaintainsOverweight
Sep 2014Piper JaffrayInitiates Coverage onOverweight
Sep 2014Credit SuisseDowngradesNeutralUnderperform

View More Analyst Ratings for RLGY
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

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