Anywhere Real Estate downgraded to Market Perform at Keefe Bruyette

Keefe Bruyette downgraded Anywhere Real Estate to Market Perform from Outperform with a price target of $7, down from $12. The pendulum is "swinging too far to agents from the brokers," the analyst tells investors in a research note. Even in a sharply down market, the higher contribution mix of top-performing agents will add more pressure to Anywhere’s commission splits, says the firm.