RESAAS Services Inc (CNSX:RSS), the Vancouver-based software firm that has developed a social network platform for the real estate industry, has been initiated with a “buy” recommendation by brokers at Roth Capital Partners this week.
“We are initiating coverage of RESAAS Services with a Buy rating and $2.35 target price. We believe RESAAS is poised to emerge as a key technology provider to real estate associations, brokerages and professionals” the broker said.
“While essentially a "pre-revenue" company to date, RESAAS has recently announced significant wins with major Realtor Associations. As such, we expect a near-term revenue ramp to act as a new investor catalyst,” the broker added in a note.
Roth added that popular online residential real estate listings systems largely contain dated information and many listings are sold prior to MLS listing.
“RESAAS's first commercial tool offers Realtor Associations "real-time MLS" functionality. RESAAS has announced several large-scale Realtor association wins recently including Austin, Miami, Oakland, San Diego and San Francisco. While associated revenues have yet to ramp, we believe these wins offer early credibility to RESAAS as a strategic vendor in its market.”