CBRE Group downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Steve Sakwa downgraded CBRE Group to In Line from Outperform with a price target of $96, up from $79. While 2023 appears to have marked the bottom in terms of both absolute EPS and transaction volume, It now appears that the big debate in the market is the timing of the rate cuts although the magnitude of the rate cuts also seems to be open to debate and charting the path of recovery “still remains a challenge,” the analyst tells investors. The firm’s FY24 EPS estimate is down from $4.28 to $4.12 while its FY25 EPS estimate now sits at $5.20, which is down from $5.39, the analyst added.