As previously reported, JMP Securities analyst Aaron Hecht upgraded RE/MAX Holdings to Outperform with a price target of $40. The analyst believes that the company can take advantage of improving existing home sales comps over the next 12 months, with added benefits coming from its "fully rolled out Booj operating platform and a positive margin impact from its Motto Mortgage business." Hecht adds that the current sentiment on RE/MAX has been low because of the negative trend in its owned agent count, stating that the benefits of the company's recent upfront investments in the business have "yet to be recognized."