The shares of Realogy (RLGY) have rallied 65% since we first wrote about them in July last year, but we're not taking any credit for that as we were sitting on the fence back then.
Clearly, investors are betting on a turn-around in the competitive pressure, and there are indeed promising signs of that. There is also the supporting low rate environment, a substantial cost-cutting effort, new growth initiatives and considerable deleveraging. So we're getting more positive about the company.
Growth
The company is suffering from a lack of growth in its core