UPDATE: Re/Max Up 4% Following Upgrade by Morgan Stanley
In a report released Monday by Morgan Stanley, analyst Vikram Malhorta upgraded Re/Max (NYSE: RMAX) from Equal-Weight to Overweight, keeping price target at $36.
The report highlighted an increase in US agent growth for the upcoming year as a reason for the change. In a survey conducted by Morgan Stanley, Re/Max is considered a top choice for unaffiliated agents looking to switch firms. Malhorta also noted, "We are more confident in the RMAX value proposition as agents pick brand, operational independence and the potential to do more transactions as key reasons for switching."
RMAX previously closed at $29.93 and opened at $31.04 Monday morning.
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