CBRE Lowered to $84.00 by Evercore ISI

CBRE Group (NYSE:CBRE) faces a potential 10.16% upside with a lowered price target, according to Evercore ISI

CBRE Group, a prominent commercial real estate services and investment company, had its price target reduced by Evercore ISI. The research report, issued to clients and investors on Friday, has caught the attention of market participants. The price target was lowered from $85.00 to $84.00, indicating a potential upside of 10.16% from the current price.

Analysts’ Sentiments and Rating Trends

CBRE Group has been the subject of several reports from various analysts. StockNews.com initiated coverage on the stock and assigned it a “hold” rating on May 18th. Citigroup, in a research note on March 28th, lowered their target price on CBRE Group from $100.00 to $80.00 but maintained a “buy” rating. On the other hand, JPMorgan Chase & Co. increased their target price from $80.00 to $89.00 and gave the company a “neutral” rating in a report released on March 3rd. Additionally, The Goldman Sachs Group downgraded their price target from $103.00 to $90.00 but maintained a “buy” rating on April 10th. Overall, CBRE Group currently has an average rating of “Moderate Buy” and a consensus target price of $88.29, according to data from Journal Press.

CBRE Lowered to $84.00 by Evercore ISI
CBRE Lowered to $84.00 by Evercore ISI

CBRE Group’s Stock Performance and Market Outlook

CBRE Group’s stock opened at $76.26 on Friday. It has a one-year low of $66.31 and a one-year high of $89.58. The company has a market capitalization of $23.70 billion, a P/E ratio of 21.91, and a beta of 1.36. Currently, the stock’s 50-day simple moving average stands at $75.24, while the two-hundred-day simple moving average is $78.12.

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CBRE Group’s Recent Earnings Results

In its last earnings report on April 27th, CBRE Group exceeded the consensus estimate, reporting an EPS of $0.92 for the quarter. This result was $0.11 higher than the anticipated $0.81 EPS. The company’s revenue for the quarter was $7.41 billion, surpassing the consensus estimate of $7.09 billion. CBRE Group achieved a net margin of 3.66% and a return on equity of 19.40%. Comparing the results to the same period the previous year, when the company earned $1.39 earnings per share, the revenue for the quarter increased by 1.1%. Analysts predict that CBRE Group will post an EPS of 4.94 for the current year.

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Insiders’ Actions and Institutional Trading

In terms of insider trading, CEO Chandra Dhandapani recently sold 6,616 shares of CBRE Group’s stock in a transaction that took place on May 30th. The shares were sold at an average price of $75.38, resulting in a total value of $498,714.08. Following this transaction, the CEO now holds 136,878 shares of the company’s stock, valued at approximately $10,317,863.64. The details of this sale can be accessed through the Securities & Exchange Commission’s official filing.

Hedge funds and other institutional investors have also made adjustments to their positions in CBRE Group. UBS Asset Management Americas Inc. increased its holdings by 2.9% in the third quarter, now owning 2,118,533 shares worth $143,022,000. Korea Investment CORP raised its stake by 36.1% in the fourth quarter, accumulating 417,604 shares valued at $32,139,000. First National Bank of South Miami experienced a significant increase in its holdings, growing by 87.5% during the fourth quarter to own 3,002 shares worth $231,000. Zurcher Kantonalbank Zurich Cantonalbank also saw a rise of 1.3% in its position during the same period, now holding 260,784 shares valued at $20,070,000. Lastly, Fifth Third Bancorp raised its holdings by 6.7% during the fourth quarter, acquiring an additional 3,959 shares to own 62,961 shares valued at $4,845,000. Collectively, hedge funds and institutional investors own 95.37% of CBRE Group’s stock.

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About CBRE Group: Commercial Real Estate Services and Investments

CBRE Group, Inc. operates as a global commercial real estate services and investment company. Its operations are divided into three segments: Advisory Services, Global Workplace Solutions, and Real Estate Investments. The Advisory Services segment offers strategic advice and execution to real estate owners, investors, and occupiers. These services include leasing offices, industrial and retail space, property sales, and mortgage services under the CBRE Capital Markets brand. The segment also provides property and project management services, valuation services, and consulting services such as property condition reports and environmental consulting. The Global Workplace Solutions segment focuses on facilities management, project management, and transaction management services for occupier clients. The Real Estate Investments segment concentrates on investment management services for both domestic and international clients.

Final Thoughts: To Invest or Not to Invest?

While the recent reduction in CBRE Group’s price target may raise concerns among some investors, it is important to consider the broader market outlook and evaluate the stock’s performance over time. The opinions of various analysts indicate a moderate buy rating for the stock, which suggests potential opportunities for investors. However, it is essential to conduct thorough research and consider personal investment goals and risk tolerance before making any investment decisions.

Please note that Journal Press, a platform tracking Wall Street’s top-rated analysts, does not currently include CBRE Group among their recommended stocks. If you are considering investing in CBRE Group or any other stock, it is advisable to conduct comprehensive research and consult with a financial advisor to make informed investment choices.