CBRE jumps on Q3 beat, strong earnings forecast

CBRE

24/10/2024 13:01

** Shares of real estate firm CBRE Group  CBRE.N  jump 5.5% to
$129.95 premarket after qtrly results beat consensus and it
boosts full-yr earnings forecast
    ** CBRE shares could open at record high, if gains hold
** Co posts Q3 rev of $9.04 bln, up ~15% y/y, and core EPS of
$1.20, driven by strength in its advisory services, global
workplace solutions and real estate investments business
segments
    ** Wall Street analysts expected Q3 rev of ~$8.8 bln and
earnings of $1.06, per LSEG data
    ** Co increases EPS outlook to $4.95-$5.05, up from
$4.70-$4.90, above avg analysts' estimate of $4.82
    ** Of 11 analysts covering CBRE, recommendation breakdown is
5 "strong buy" or "buy" and 6 "hold"; median PT of $129.50 up
from $106.50 on Jul 24 - LSEG
    ** Through Weds close, stock up 32% YTD vs S&P 500 Real
Estate sector's  .SPLRCR  10.5% rise and S&P 500's  .SPX  21.5%
advance