UPDATE: Credit Suisse Downgrades Realogy Holdings Corp

In a note issued Monday, Credit Suisse analyst Michael Dahl downgraded shares of

from Neutral to Underperform. Dahl currently as a $37 price target for Realogy. Dahl wrote, "We've continued to see softness in demand in our Monthly Survey of Real Estate Agents through mid-September, along with quickly flattening home price appreciation, particularly in some of RLGY's core coastal markets." Dahl noted NRT accounts for 60 percent of the company's EBITDA and he sees weaker trends along much of it coastal footprint. In addition, Dahl noted an increasing amount of complaints among agents are due to demand issues. Looking ahead, Dahl is predicting an EPS of $1.14 for 2014 and $1.56 for 2015.