CBRE Group initiated with a Buy at Citi

Citi analyst Michael Griffin initiated coverage of CBRE Group with a Buy rating and $100 price target. The commercial real estate industry should benefit from long-term secular demand tailwinds, including continued outsourcing of real estate services, the analyst tells investors in a research note. The firm believes CBRE’s scale, operational expertise, and depth across product line "differentiates it relative to peers." It thinks the company’s globally recognized platform combined with greater exposure to more resilient business lines should benefit it in the near term.