Stephens analyst John Campbell said RE/MAX Holdings' Q3 headline results were "fairly good," but below the surface he is concerned with the "surprising" agent count decline, which is the first sequential decline in that metric that he has seen, and its "soft" Q4 guidance. While he thinks the stock is starting to look attractive compared to franchise peers, Campbell keeps an Equal Weight rating on the stock until he has better clarity on the pace of agent gains, he tells investors. Citing both lower estimates and a lower target multiple, Campbell cut his price target on RE/MAX shares to $41 from $60.