J.P. Morgan cuts broker RE/MAX PT on slump in real estate market

Re/Max Holdings

22/12/2022 16:08

** Brokerage J.P. Morgan cuts PT of real estate broker
RE/MAX Holdings Inc  RMAX.N  by $5 to $23
    ** Shares of RMAX down 1.67% in morning trade
    ** As interest rates rise and a slowing economy weaken the
housing market, RMAX and its peers could face headwinds such as
slowing transaction volumes and a reduction in number of agents
    ** Brokerage also lowered co's revenue, EPS and EBITDA
estimates for year 2022, 2023, and 2024 citing lower assumed
agent count, less brokerage income
    ** Only one among the seven brokerages covering the stock
rates it at "strong buy", two "buy", four "hold"; their median
PT is $25
    ** YTD, RMAX is down ~39% against a ~88% drop in peer Redfin
Corp  RDFN.O 
 (Reporting by Pratyush Thakur in Bengaluru)
 ((pratyush.thakur@thomsonreuters.com))