BMO Capital analyst Stephen Macleod reiterated a Buy rating on Colliers International Group yesterday and set a price target of $188.00.
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Stephen Macleod has given his Buy rating due to a combination of factors including Colliers International Group’s strong performance in the third quarter of 2025, where they exceeded expectations in several key areas. The company’s adjusted EBITDA was notably higher than forecasted, driven by significant growth in Capital Markets and the associated operating leverage. Despite some areas like Engineering and Investment Management being slightly below forecast, the overall revenue strength and better-than-expected margins in Real Estate Services contribute positively to the outlook.
Furthermore, Macleod highlights the company’s solid recurring revenue streams in Outsourcing, Engineering, and Investment Management, which have shown substantial growth over the past three years. The company’s strong liquidity position and ability to pursue strategic acquisitions provide additional upside potential. With a constructive long-term growth outlook and the potential for Colliers to compound shareholder value over multiple years, Macleod views the shares as attractively valued, justifying the Buy rating.