RE/MAX Holdings downgraded to Equal Weight at Stephens on lack of catalysts

As previously reported, Stephens analyst John Campbell downgraded RE/MAX Holdings to Equal Weight from Overweight with a price target of $21, down from $28. While professing to be a "longtime RMAX bull," the analyst sees the stock being range-bound given a combination of a lack of clear near-term catalysts, an expected profit step back in 2023 and continued pressures on U.S. agent count. Coming off three years of steepening U.S. agent declines, the firm calls it tough to underwrite a recovery given a lack visibility into the efficacy of initiatives designed to improve agent growth.