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Compass Pt Rch & Trading LLC raises RE/MAX Holdings to 'neutral'

Compass Point Research & Trading LLC analystFred Smallincreased his investment opinion of RE/MAX Holdings Inc. to "neutral" from"sell," with a price target of $44.

The analyst wrote in a research report: "RMAX is aNEUTRAL because: 1) looking through all the current issues, RMAX earnings andcash flow should benefit from the a large reduction in the effective tax rate,2) valuation was a core part of our SELL thesis and both P/E and EV/EBITDA multipleshave stubbed down from the nosebleeds following the company's delay inreporting 3Q17 results and announcement of an internal investigation , 3)something still seems way off about the length of the delay in reportingfinancial results compared with the disclosure that it will not requirerestatements and investor expectations that it will not impact the business orfinancial results moving forward, 4) expansion into a new franchise verticalcould accelerate earnings growth, we continue to expect growth of the Motto Mortgagecould be more challenging than anticipated."