CBRE Group up after Evercore upgrade, annual profit forecast raise

CBRE

26/07/2024 15:49

** Shares of commercial real estate services and investment
firm CBRE Group  CBRE.N  rise 2.3% to $109.91
    ** Brokerage Evercore ISI upgrades stock to "outperform"
from "in line" and lifts PT to $123 from $100, implying a 14.5%
upside to stock's last close
    ** Raymond James also lifts PT to $129 from $124, while
J.P.Morgan increases it to $120 from $101  
    ** CBRE lifted full-year 2024 EPS forecast on Thursday, as
it focuses on demand from businesses such as leasing and loan
servicing that are less sensitive to changes in interest rates
    ** "Sales environment seems to have bottomed and CBRE's
profitability trends are moving in the right direction" -
Evercore
    ** Five brokerages rate the stock "buy" or higher and six
"hold"; median PT is $109 - LSEG data
    ** Including session gains, stock up 18% YTD

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