Anywhere Real Estate price target raised to $8 from $5.50 at Stephens

Stephens analyst John Campbell raised the firm’s price target on Anywhere Real Estate to $8 from $5.50 and keeps an Equal Weight rating on the shares. The road has been “difficult,” with 2022 U.S. homesales dropping 18% year-over-year followed by a 19% drop year-over-year in 2023, resulting in the lowest homesales since 1995, the analyst tells investors. Despite this sharp market contraction period, the company was able to achieve multiple important milestones, such as significant debt reduction, the firm says. Further, Stephens foresees a return to EBITDA growth in 2024 and 2025, but notes the stock is at a near-full valuation.