Evercore ISI lowered the firm’s price target on CBRE Group to $86 from $91 and keeps an Outperform rating on the shares. Earlier this week, the firm had reduced sales expectations for the remainder of 2023, but following commentary from CBRE management at a conference yesterday, the firm now says “it’s evident” that its recent estimate cuts “didn’t fully capture the havoc stubbornly high rates are having on the transaction market.” As a result of the company’s comments yesterday, Evercore is reducing sales growth estimates “again” for 2023 and 2024, while also stripping out the development gains that it had previously expected to hit in Q4, the analyst tells investors.
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