CBRE soars to record high on strong earnings

CBRE

24/10/2024 16:23

(Updates stock activity)
** Shares of real estate firm CBRE Group  CBRE.N  jump >10% and
among top S&P 500  .SPX  performers on Thurs after qtrly results
beat, full-yr earnings forecast boost
    ** CBRE shares rise as much as 10.5% to record high $136.06.
Stock last up 9.3% at $134.58
** Co  early Thurs posted 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 increased EPS outlook to $4.95-$5.05, up from
$4.70-$4.90, above avg analysts' estimate of $4.82
    ** Raymond James upped its PT by $13 to $142 in reaction to
news
    ** 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
    ** Including moves on Thurs, stock up ~45% YTD vs S&P 500
Real Estate sector's  .SPLRCR  11% rise and SPX's 22% advance

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))