UPDATE: Credit Suisse Initiates Realogy Corporation at Neutral on Valuation
Credit Suisse initiated coverage on Realogy Corporation (NYSE: RLGY) with a Neutral rating and $39 price target.
Credit Suisse commented, "Rebounding Housing Cycle Brings Cash Flow and Deleveraging; Initiating with Neutral Rating and $39 Target Price: We expect significant further improvement in the residential real estate market, the key driver of Realogy's business, driving adjusted EPS of $1.72 in 2013 and $2.50 in 2014. This is largely reflected in current valuation at 10 times estimated 2014 EBITDA, however. Our $39 target price represents 5% upside potential."
Realogy Corporation closed at $37.06 on Monday.
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Tags: Credit Suisse