JPMorgan analyst Anthony Paolone downgraded Re/Max Holdings to Underweight from Neutral with a price target of $14, down from $16. The firm, which is making eleven ratings changes in conjunction with its 2024 REITs and Real Estate Services Outlook, says U.S. for-sale housing volumes are weak and thinks this creates near-term headwinds for Re/Max and its peers as sector-wide commissions fall and agents leave the business.
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