| Over a month ago | ||||
JPMorgan analyst Anthony… JPMorgan analyst Anthony Paolone downgraded Anywhere Real Estate to Neutral from Overweight with a price target of $11, down from $17. The analyst is "more constructive" on real estate investment trusts going into next year. Real estate stocks underperformed in 2022, earnings trended better over the course of the year, and the result has been a "notable re-rating lower" in valuation on both an absolute basis and relative to the broader equity market, Paolone tells investors in a research note. He thinks there is still some downside risk to 2023 estimates, but says REIT estimates "should hold up better than many other sectors in a recession." Paolone starts 2023 most favorable on strip centers, net lease, and industrial, and is bullish on commercial real estate brokers "recognizing near-term earnings risk." He says that while valuations are attractive in residential, he moves to the sidelines as slowing growth and downside risk from the economy make the setup tougher. In conjunction with its 2022 outlook, JPMorgan made 12 rating changes. | ||||
Virtual Meeting to be… Virtual Meeting to be held on December 9 hosted by JMP Securities. | ||||
Virtual Meeting to be… Virtual Meeting to be held on December 9 hosted by JMP Securities. | ||||
Sotheby's… Sotheby's International Realty announced the opening of Kazakhstan Sotheby's International Realty, signifying the brand's continued expansion to nearly 220 offices in the EMEIA region. Kazakhstan Sotheby's International Realty is owned and operated by Andrei Manoukovski and will be led by CEO, Diana Alieva, who bring nearly 30 years of collective real estate experience to the company. The company is headquartered in the city of Almaty and will service the entire country, including the cities of Almaty, Astana, Shimkent, Aktobe, and Pavlador. | ||||
Virtual Meeting to be… Virtual Meeting to be held on November 8 hosted by Compass Point. | ||||
| Over a quarter ago | ||||
Barclays analyst Matthew… Barclays analyst Matthew Bouley lowered the firm's price target on Anywhere Real Estate to $7 from $9 and keeps an Underweight rating on the shares. In a deteriorating housing market, the company pulled fiscal 2022 EBITDA guidance as transaction volumes have worsened in September and October on the order of 25% year-over-year, Bouley tells investors in a research note. The analyst says Anywhere Real Estate will need to further slim the cost structure to preserve profitability. | ||||
Virtual Meeting to be… Virtual Meeting to be held on November 8 hosted by Compass Point. | ||||
Reports Q3 revenue… Reports Q3 revenue $1.81B, consensus $1.85B. "In Q3 Anywhere delivered meaningful profitability, even with an increasingly challenging housing backdrop," said CEO Ryan Schneider. "I believe Anywhere is well-positioned to lead through the current environment and into the future as we continue to strategically invest to grow our core business and simplify the consumer experience". "We are on course this year to realize our cost savings target, proactively redeem our 2023 debt maturities, and integrate our brokerage and title operations, all of which strengthen the foundation of our business and improve our cost basis," said CFO Charlotte Simonelli. "Our third quarter's results demonstrated our profit delivery even in a challenging part of housing market." | ||||
Compass Point analyst… Compass Point analyst Jason Weaver resumed coverage of Anywhere Real Estate with a Buy rating and $13.50 price target. While admitting that rising interest rates present substantial challenges for the real estate services sector, including Anywhere, he expects the company to fare "considerably better" than its competitors due to its leadership position, greater financial strength and scale, and management's commitment to realizing operating efficiencies, Weaver tells investors. | ||||
Reports Q2 revenue… Reports Q2 revenue $2.14B, consensus $2.25B. | ||||
