UPDATE: J.P. Morgan Initiates Coverage on Re/Max Holdings on High Quality Lower-Risk Housing Trade, But Fully Valuation

In a report published Monday, J.P. Morgan analyst Anthony Paolone initiated coverage on Re/Max Holdings RMAX with a Neutral rating and $30.00 price target. In the report, J.P. Morgan noted, “We are initiating coverage on RMAX with a Neutral rating and year-end 2014 price target of $30/share. We think the company's leading franchise brand should experience improving agent-count in what we see as an ongoing housing recovery. That said, strong post-IPO stock performance has captured a good deal of the upside.” Re/Max Holdings closed on Friday at $29.06.