CBRE Group price target lowered to $84 from $85 at Evercore ISI

Evercore ISI analyst Steve Sakwa lowered the firm’s price target on CBRE Group to $84 from $85 and keeps an Outperform rating on the shares. Given the bid-ask spread today, along with limited debt availability, the firm lowered its transaction growth rate expectation and also trimmed its commercial mortgage origination growth rate forecast, but thinks the decline in the transaction market should be most acute in Q2 with year-over-year declines beginning to moderate in the second half as the comps get “much easier.”