Anywhere Real Estate price target lowered to $6 from $7 at Keefe Bruyette

Keefe Bruyette analyst Thomas McJoynt-Griffith lowered the firm’s price target on Anywhere Real Estate to $6 from $7 and keeps a Market Perform rating on the shares. Following the company’s Q3 earnings, the firm trimmed its 2024 adjusted EBITDA estimates by another 5% on a more “pronounced/sustained trough” in home sale volumes. The analyst believes yesterday’s 15% stock rally “depicted a positive reception to hints” of further cost-cutting actions, positive cash flow and the discussion of litigation risk being ring-fenced, though the firm also saw signs of a squeeze with the stock down 55% the past three months.