RMAX - Re/Max downgraded to Equal-Weight at Stephens due to lack of catalysts

• Re/Max Holdings ( RMAX ) stock slipped 1.7% in Tuesday premarket trading after Stephens analyst John Campbell downgraded shares of the real estate services firm to Equal-Weight from Overweight, citing a lack of near-term catalysts.
• Campbell also pointed to expectations for a "profit step back" in 2023 in the wake of a troubled housing market, as well as ongoing pressures on its U.S. agent count.
• The company "has several irons in the proverbial fire that are designed to spruce up the agent growth," he wrote in a note, "but we lack visibility into the efficacy of the initiatives and the timing of a re-acceleration (if there is one) thus it's tough to underwrite a recovery, particularly coming off three years of steepening U.S. agent declines."
• The Equal-Weight rating agrees with the Quant rating and the average Wall Street analyst rating, both at Hold.
• Last week, (Feb. 17) Re/Max stock dropped after issuing soft guidance and weaker-than-expected Q4 results .

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