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UPDATE: Goldman Sachs Initiates Realogy Holdings at Neutral on Valuation

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Goldman Sachs initiated coverage on Realogy Holdings (NYSE: RLGY) with a Neutral rating and a $34 price target.

Goldman Sachs commented, "We initiate coverage of Realogy Holdings (RLGY), the leading residential real estate brokerage franchisor and owner, with a Neutral rating and a $34, 12-month target price. Realogy's exposure to an improving US housing market and its operational and financial leverage position the company to generate cash flows and de-lever its balance sheet. Also, the shift of enterprise value from debt to equity could be accelerated with accretive debt refinancing. However, we see limited upside to our EBITDA forecasts, we are somewhat concerned about the negative impact of future EBITDA adjustments and we believe the stock is fairly valued."

Realogy Holdings closed at $37.06 on Monday.

Latest Ratings for RLGY

DateFirmActionFromTo
May 2016Compass PointUpgradesNeutralBuy
Mar 2016Keefe Bruyette & WoodsInitiates Coverage onMarket Perform
Mar 2016JP MorganMaintainsNeutral

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Posted-In: Goldman SachsAnalyst Color Initiation Intraday Update Analyst Ratings

 

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