Douglas Elliman initiated with a Neutral at BTIG

BTIG analyst Soham Bhonsle initiated coverage of Douglas Elliman with a Neutral rating and no price target. The company has $125M in cash, representing 50% of book value, and no debt on the balance sheet, which makes the stock’s current valuation “intriguing,” the analyst tells investors in a research note. However, the firm cites the current market backdrop for the resale market and limited visibility into where expenses could trend in the medium term for the Neutral rating.