Jefferies initiated coverage of CBRE Group with a Hold rating and $107 price target. The analyst initiated the commercial real estate services group with a neutral outlook. The market is waiting on a turnaround in sales and leasing, with the latter showing “initial greenshoots” while the former has had a difficult start to 2024, the analyst tells investors in a research note. The firm anticipates a “market thawing” in the second half of 2024 as private markets gain more confidence in a stable rate outlook. It anticipates upward estimate revisions for JLL (JLL) and Cushman & Wakefield (CWK), while believing CBRE (CBRE) appears more fairly valued.
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