CBRE Group rises after J.P. Morgan upgrades to 'overweight'

CBRE

16/12/2024 11:58

** Shares of commercial real estate services and investment
firm CBRE Group  CBRE.N  rise 1.5% to $139.31 in premarket
trading
    ** J.P. Morgan upgrades stock rating to "overweight" from
"neutral", citing CBRE's "strong track record in capital
allocation and driving organic growth"
    ** "We are at the front end of a beat-and-raise cycle for
commercial real estate (CRE) services companies as CRE
activities recover in the next few years" - JPM
    ** CBRE better positioned than peers to produce outsized
earnings growth - brokerage
    ** Brokerage lifts PT to $163 from $120, representing about
19% upside to the stock's last close
    ** Seven brokerages rate the stock "buy" or higher and five
"hold"; their median PT is $147.50, according to data compiled
by LSEG
    ** As of last close, stock up 47.5% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))