UPDATE: Credit Suisse Initiates Realogy Corporation at Neutral on Valuation

Credit Suisse initiated coverage on Realogy Corporation

with a Neutral rating and a $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.