Anywhere Real Estate business changes largely in-line, says BTIG

BTIG analyst Soham Bhonsle keeps a Neutral rating on Anywhere Real Estate after the company announced the details of its settlement in the Moehrl and Sitzer/Burnett cases that were reported on a month ago. The firm thinks the business practice changes agreed to were largely in-line with expectations, but is “somewhat concerned” about the elimination of the minimum commission requirement in the company’s owned brokerage operations. BTIG thinks the changes could be just the first step in a potentially drawn-out process as long as the Department of Justice remains interested. It thinks share upside could be limited in the medium-term until there is more clarity on where commissions could land or until mortgage rates move meaningfully lower.